li omm presentation
DESCRIPTION
TRANSCRIPT
中外跨境战略合作新趋势
New Age of Cross-border
Strategic Joint Ventures
李强法学博士
Qiang Li JD
美国美迈斯律师事务所上海代表处合伙人
Partner OMelveny amp Myers LLP Shanghai
2012年10月
October 2012
中外战略合作在中国的演变（18）
Evolution of Joint Ventures in China (18)
bull 传统的中外战略合作 Traditional Sino-Foreign Joint Venture
境外 Offshore
中国 China
中国公司
Domestic
合营企业
Joint Venture
跨国公司
Multinational
现金 Cash
土地 Land
劳动力 Employees
现金 Cash
技术 Technology
外国专有技术 Foreign Know-how
特点 Characteristics
bull 中国公司在合营比重上投入不多
Chinese companies often did not bring
a lot to the ldquojointrdquo venture table
- 土地使用权 Land use rights
政府部门方面的支持 Help with
government authorities
bull 往往导致ldquo失败的合营企业rdquo和小股东
权力困扰几乎无法通过合同来避免
Often led to ldquoBad JVsrdquo and trouble with
minority rights ndash almost impossible to
contract around
bull 最常见的问题ldquo敲竹杠rdquo
Most common issue ldquohold-uprdquo
2
中外战略合作在中国的演变（28）
Evolution of Joint Ventures in China (28)
bull 避免合营 Joint Venture Avoidance
境外 Offshore
中国 China
跨国公司
Multinational
特点 Characteristics
bull 合营初期的问题使许多外国投资者尽可
能地避免采用合营形式而是采用外商
独资企业的形式特别是在中国加入世
贸组织以后
Early problems with joint ventures led
many foreign investors to avoid JVs if
possible and seek WFOEs especially
after WTO
bull 在某些行业仍需依法采用合营的形式
Joint ventures still required for some
industries
外商独资企业
WFOE
3
中外战略合作在中国的演变（38）
Evolution of Joint Ventures in China (38)
bull 可变利益实体VIE
境外 Offshore
中国 China
外商独资企业
WFOE
跨国公司
Multinational
特点 Characteristics
bull 在限制外商投资领域广泛运用特别是在互联网等轻资产行业
Often used in industries where foreign
investment is restricted particularly in
asset-light industries such as the Internet
bull 外国公司设立一家外商独资企业中国公民或国内公司设立一家国内运营实体
Foreign company establishes a WFOE
and PRC nationals or domestic entities
establish the domestic operating entity
bull 外商独资企业名义股东和附属公司通过签订一系列的合同有效地将附属公司的控制权和经济权益转给外商独资企业
The WFOE Nominee and Captive
Company enter into series of contractual
arrangements to effectively pass control
and economics of the Captive Company to
the WFOE
bull 中国商务部的国家安全审查或将为VIE带来不确定性
MOFCOM National Security Review VIE in
crisis
中国名义股东
PRC Nominee
附属公司
Captive Company
合同关系Contractual
Relationships
4
中外战略合作在中国的演变（48）
Evolution of Joint Ventures in China (48)
中外战略联盟的回归
Joint Ventures are Back
5
中外战略合作在中国的演变（58）
Evolution of Joint Ventures in China (58)
bull 为方便而设的合营企业 Joint Ventures of Convenience
境外 Offshore
中国 China
外国公司
Foreign Company
特点 Characteristics
bull 可能设立境外结构
Structuring may happen offshore
bull 外国公司取得多数股权
Foreign Company takes majority interest
- 逐步获得全部所有权 ndash 往往2-3年可从中方股东手中买断合资形式增加中方回报并维持稳定性
Stepping stone to full ownership - often
buys out Chinese shareholder in 2-3
years allows for earn-out and stability
bull 外国公司取得少数战略股权
Foreign Company takes minority strategic
interest
- 中国公司上市前融资
Chinese Company might be pre-IPO
- 外国公司了解中国市场
Foreign Company learns Chinese
market
中国公司
Chinese Company
合营企业
Joint Venture
现金 Cash
6
现金 Cash
中外战略合作在中国的演变（68）
Evolution of Joint Ventures in China (68)
bull 境内战略合作 Onshore Strategic Joint Venture
境外 Offshore
中国 China
外国公司
Foreign Company
特点 Characteristics
bull 中国公司尚不具有征服世界的决心
Chinese companies not out to conquer the
world
bull 就ldquoA级rdquo产品ndash中国公司指望以中国市场换取先进技术
For ldquoGrade Ardquo products ndash Chinese
companies looking to trade China market in
exchange for modern technology
bull 就ldquoB级rdquo产品ndash外国公司可从其中国合作方学到一些窍门
For ldquoGrade Brdquo products ndash Foreign
companies may have things to learn from
their Chinese counterparts
中国公司
Chinese Company
合营企业
Joint Venture 现金 Cash
陈旧技术 Older Technology
进入中国市场 China Market Access
土地 Land
劳动力 Employees
现金 Cash
技术 Technology
外国专有技术 Foreign Know-how
国外市场 Foreign Market
7
中外战略合作在中国的演变（78）
Evolution of Joint Ventures in China (78)
bull 全球战略合作 Global Strategic Joint Venture
外国公司
Foreign Company
特点 Characteristics
bull 不仅局限于境内ndash由于中国公司拥有外国公司的少数股权而形成全球关系 Not just onshore ndash a global relationship as
Chinese company takes a minority interest in
foreign company
bull 使中国公司共同投资共担风险 Provides Chinese company with skin in the
game
bull 有时带来中国投资的免费资金 Free money to pay for China investment
bull 具体案例 Some known examples
- 上海ndash通用汽车 SAIC ndash GM
- 如意ndashRenown Ruyi - Renown
中国公司
Chinese Company
合营企业
Joint Venture
对中国投资
Investment into China
8
少数战略股权
Minority but
Strategic
Interest
境外 Offshore
中国 China
中外战略合作在中国的演变（88）
Evolution of Joint Ventures in China (88)
bull 全球战略合作 Global Strategic Joint Venture
案例 Case Renown Shandong Ruyi Group (山東如意集団) (20105)
山东如意集团
Shandong Ruyi Group
Renown
通过第三方配股获得4118
的股份 （仍为上市公司） 4118 through
third party allotment
(still listed)
新合营企业
（中国） New Joint Venture
(China) 品牌 Brand
Renown的优势 Renownrsquos strengths
bull 产品规划设计和质控 Product planning design
bull 店铺设计 Shop design
bull 零售商店运作的专有知识 Know-how on operation of
retail shops
bull 广告促销 Advertisement promotion
如意的优势 Ruyirsquos strengths
bull 原材料采购 Sourcing materials
bull 生产（高质量低成本） Production
(high quality cost efficient)
bull 零售商店在中国的开发和运作
Development and operation of retail
shops in China
目的 Purposes
bull 完善资产负债表 Improve the
balance sheet
bull 降低产品成本提高盈利能力
Reduce product cost and improve
profitability
bull 建立在亚洲的销售网络
bull Establish sales network in Asia
协同效应
Synergies
9
驱动跨国公司与中国企业之间战略合作的关键因素
Key Drivers for Strategic JVs between Multinationals and Chinese Companies
bull 在全球经济放缓背景下中国市场依然高成长
Importance of the high-growth Chinese market in light of the global economic slowdown
minus 一些在美国拥有成熟技术的夕阳产业被视为中国的朝阳产业
Some sunset industries with mature technology in the US considered sunrise industries in China
bull 中国ldquo用市场换技术rdquo的战略（一般是当代技术）
Chinarsquos strategy of trading market for technology (typically current generation technology)
minus 跨国公司是否愿意取决于机会的大小
Willingness of multinationals depend on size of the opportunity
minus 在开发新一代技术时跨国公司仍然拥有其在创新文化中的优势
Multinationals still hold advantage in their innovative culture in developing next generation of technology
bull 中国的高流动性（部分由于美国的定量宽松政策）
High liquidity in China (partly as a result of the quantitative easings in the US)
10
11
中国公司ldquo走出去rdquo法律制度方面的一些挑战
Challenges of Offshore Legal Environment for Chinese Companies
bull 有些中国公司习惯于接受大量政府扶持不适应市场规则
Some Chinese companies have grown accustomed to overwhelming government support
bull 缺少当地社区的支持
Lack of access to and support from local communities
bull 当地诉讼文化
Litigation culture
bull 环保合规成本高 ndash 通常承担连带责任而不是谁污染谁负责
Environmental compliance ndash ldquosuperfundrdquo vs ldquopolluter paysrdquo
bull 外国投资审查
Foreign investment approval
战略合作的十大法律问题 Top 10 Legal Issues for JVs
1 投资结构 ndash 境外境内合营合资企业合作企业或股份公司
Investment Structurendash Offshore Onshore JV EJV CJV or Joint Stock Company
2 控制权问题
Control Issues
3 出口进口管制问题
Export Import Control Issues
4 出资
Capital Contributions
5 知识产权许可保护
IP Licensing Protection
6 税收考虑
Tax Considerations
7 与国企合作的有关问题
SOE Issues
8 避免同业竞争
Non-compete
9 争议解决
Dispute Resolution
10 退出策略
Exit Strategy
12
1 投资结构 Investment Structure (12)
bull 境外合营的优点 Advantages of Offshore JVs
ndash 以境外上市作为退出机制（比境内上市更为灵活）
Offshore listing as exit (more flexible than onshore listing)
ndash 容易安排员工持股计划
Easy to structure ESOP
ndash 境内外的融资选择更为灵活
More flexible financing options onshore and offshore
ndash 使用股份作为未来融资收购的ldquo货币rdquo Use of stock as ldquocurrencyrdquo for future financingacquisition
ndash 公司文件的保密性
Confidentiality of corporate documents
bull 境外合营的缺点 Disadvantages of Offshore JVs
ndash 中国相关机构的审批风险
Chinese approval risks
ndash 参与政府采购的潜在不利因素
Possible disadvantage in participating in government procurement
ndash 未来的境内投资需得到中国相关机构批准
Future onshore investments subject to Chinese approval
ndash 在合营企业收购美国资产时需向美国外国投资委员会申报
CFIUS approval if JV to acquire US assets
13
14
bull （境内）合资经营企业 (Onshore) Equity Joint Ventures
ndash 利润分配通常按股权比例（投入的注册资本）进行 Profits generally split proportionally to equity investment (registered capital ownership)
ndash 董事会席位的分配通常也按股权比例进行 Board seats also split proportionally to equity investment
ndash 可预测性 - 法律和实践操作较为成熟 Predictability ndash more established laws and practices
bull （境内）合作经营企业 (Onshore) Cooperative Joint Ventures
ndash 利润分配更灵活 More flexibility in distributing profits
ndash 管理和控制更灵活 More flexibility in management and control
ndash 在合营各方的出资难以量化时往往使用该结构例如市场进入 Often a useful form of joint venture where partiesrsquo contributions are harder to quantify eg market access
ndash 与合资企业相比审批机构对合作企业的审查更为严格 Approval authorities will likely scrutinize CJVs more than EJVs
bull （境内）股份公司 (Onshore) Joint Stock Companies
ndash 无法定的小股东保护（控制权的灵活性）
No statutory minority protection (flexibility in control)
ndash 在获取国际外债时需外汇管理机构审批
Need foreign exchange authority approval for taking on international debt
ndash 可能以国内上市作为退出机制
Possible domestic listing as exit strategy
1 投资结构 Investment Structure (12)
2 控制权问题 Control Issues (12)
bull 有时谁能根据美国通用会计准则中国通用会计准则进行会计报表的合并成为决定因素
Sometimes driven by who may consolidate under US GAAP PRC GAAP
bull 常常需要经过艰苦的谈判
Often heavily negotiated
ndash 特别是非控制一方获得否决权时
Especially negative controls (ie ldquoveto rightsrdquo) afforded to party not in control
bull 在合营各方都没有控制权情况下的僵局问题
Deadlock concerns if neither party controls
bull 对合资企业而言 董事会席位通常根据所有权比例来确定但谁来任命董事长总经理
For EJV board seats generally determined by ownership percentage but who will appoint chairman general
manager
bull 法定代表人
The Legal Rep
ndash 通常是董事长但取决于不同的司法管辖区也可能是总经理
Generally the Chairman but possibly GM depending on jurisdiction
ndash 负有代表合营企业行事的责任和权力
Has primary responsibility and power to act on behalf of the JV
ndash 法定代表人有权代表合资企业签订协议
Apparent authority to sign on behalf of JV
ndash 考虑在卸任后归还印章
ndash Consider having Legal Rep enter into agreement to return chop upon termination
15
2 控制权问题 Control Issues (22)
bull 公司印章 Enterprise ChopsSeals
ndash 企业公章 Official Enterprise Chop
ndash 法定代表人章 Legal Representative Chop
ndash 财务及其他印章
Finance and Other Seals
bull 对签订合同的权限实施控制 Implementing control over contracting authority
ndash 制定印章使用方面的条例和程序
Formulate rules and procedures for use of seals
ndash 将法定代表人的印鉴在政府机关备案
File specimen of Legal Representative Chop with public authorities
ndash 印章的使用需要特别授权（如董事会决议）
Require specific authorization (eg Board resolution) for use of seals
16
3 出口进口管制问题 ExportImport Control Issues
bull 中国技术进口出口问题
China Technology ImportExport Issues
ndash 进口和出口技术均分为三大类禁止类限制类和允许类管理的方式均不同
Both import and export technology are classified into three categories prohibited restricted and permitted which are
regulated differently
ndash 合同条款的若干法定限制包括
Several statutory limitations on contractual terms including
bull 强制保证 ndash 外国许可方必须确保
Mandatory Warranties ndash foreign licensor must guarantee that
ndash 其是技术的合法所有人或者有权授予技术许可
It is the legal owner of or the party with the right to license the technology
ndash 必须承担因被许可方使用被许可技术所产生的任何侵权责任
Must bear responsibility for any infringement liability resulting from licenseersquos use of the licensed technology
ndash 许可技术是ldquo完整无差错有效并能产生预期结果的rdquo The licensed technology is ldquocomplete error-free effective and able to achieve the intended resultsrdquo
bull 改进
Improvements
ndash 在协议有效期内改进属于改进方
During the term of the agreement improvements must be owned by the improving party
ndash 无法限制中方被许可方进行被许可技术的改进
Chinese licensee cannot be restricted from improving the licensed technology
bull 外方本国法律的适用性
Applicability of Foreign partyrsquos home country laws
ndash 例如美国对技术的出口管制问题
Eg US Export Control Issues on Technology
bull 许可要求取决于该技术的技术特点目的地最终用户和最终用途
License requirements are dependent upon an itemrsquos technical characteristics the destination the end-user and the end-use
17
4 出资 Capital Contributions
bull 现金出资
Cash contributions
bull 以知识产权作为资本出资
Contributing intellectual property as capital
ndash 就合资企业而言必须以所有权转让的形式
For EJV must be in the form of ownership transfer
ndash 就合作企业而言技术许可可作为ldquo合作条件rdquo
For CJV a technology license might form a ldquocooperative conditionrdquo
ndash 估值问题
Evaluation issues
bull 如果知识产权没有作为对合营企业的出资知识产权也可许可给合营企业并收取使用费此类使用费可作为对合营企业的资本出资（在税收流失后）
If IP is not contributed to JV may also be licensed for royalty and the royalty payment may be
contributed to JV as capital (after tax leakage)
bull 对外商投资企业子公司的出资
Capital contributions to subsidiaries of the FIE
ndash 对于在中国设立的非控股公司作为母公司的外商投资企业无法以其注册资本向子公司进行投资
For non-holding companies set up in China investment into subsidiaries cannot come from parent FIErsquos
registered capital
ndash 控股公司的特别规则 ndash 近期的外管局问题
Special rules for holding companies ndash recent SAFE issues
18
5 知识产权许可保护 IP Licensing Protection
bull 哪些知识产权技术作为出资转让或许可给合营企业
What IPtechnology gets contributedlicensed into the JV
bull 哪一方拥有对合营各方投入技术所作的改进
Who owns improvements made to each parentrsquos input technology
bull 合营各方及合营企业间是否存在对于技术改进的回授许可安排
Will there be license grant-backs among parents and JV for improvements
bull 许可的范围多广是否仅限于合营企业的经营范围
What will be the field of use for the license agreement - tied to JVrsquos business scope
bull 合营企业破产或解散后其知识产权技术如何处理
What happens to the JVrsquos IPtechnology upon bankruptcy or dissolution of the JV
bull 在哪些情况下合营一方可终止其技术许可
Under what circumstances can the technology license from a parent be terminated by such parent
bull 技术许可终止时合营各方根据相关协议仍将保留哪些权利
Upon such termination what surviving rights if any will the parties have under the agreement
19
6 税收考虑 Tax Considerations
bull 影响税收结构安排的ldquo大范围rdquo考虑因素
ldquoBig picturerdquo considerations that influence the tax structuring include
- 先前与跨国合营企业的相关经验
Prior experience with cross-border JVs
- 全球整体的税收和税收合规战略
Overall global tax and tax compliance strategy
- 风险状况
Risk profile
- 合营企业所取得收益的性质
Nature of the income to be earned by the JV
- 适用的税收条约
Applicable tax treaties
- 与知识产权相关的税收问题
IP-related tax issues
bull 合营各方需妥协
Parties may need to compromise
- 从中方外方母国和全球角度而言最为有效的结构安排
Structure has to be the most efficient from a Chinese Foreign home country and global perspective
bull 随着全球税收制度的日益严格以及税收执法力度的日益加强在结构安排时应尽可能地保留灵活性
Structure should strive to preserve flexibility as tax regimes around the world tighten and tax enforcement becomes
more aggressive
20
7 与国企合作的有关问题 SOE Issues
bull 执行问题
Enforcement concerns
bull 国有资产和股权
State-owned assets and equity interests
ndash 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行
Transfers must be conducted via auction or public bidding at a public asset exchange center designated by
SASAC
ndash 此要求针对从建筑物机械等有形资产到股权土地使用权知识产权等无形资产的多种资产
Required for broad range of assets from tangible assets like buildings and machines to intangible assets
such as equity interests land use rights and intellectual property
ndash 适用于国家完全或部分拥有的资产国资委具有宽泛的裁量权
Applies to assets owned entirely or in part by the State SASAC has broad discretion
ndash 须由具有资质的评估人进行评估
Appraisal required by qualified appraiser
ndash 除非经国资委另行批准转让价格须高于或等于估定价值的90
Transfer price must be greater than or equal to 90 of appraised value unless otherwise approved by
SASAC
bull 政府鼓励投资政策及优惠
Government incentives
21
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
中外战略合作在中国的演变（18）
Evolution of Joint Ventures in China (18)
bull 传统的中外战略合作 Traditional Sino-Foreign Joint Venture
境外 Offshore
中国 China
中国公司
Domestic
合营企业
Joint Venture
跨国公司
Multinational
现金 Cash
土地 Land
劳动力 Employees
现金 Cash
技术 Technology
外国专有技术 Foreign Know-how
特点 Characteristics
bull 中国公司在合营比重上投入不多
Chinese companies often did not bring
a lot to the ldquojointrdquo venture table
- 土地使用权 Land use rights
政府部门方面的支持 Help with
government authorities
bull 往往导致ldquo失败的合营企业rdquo和小股东
权力困扰几乎无法通过合同来避免
Often led to ldquoBad JVsrdquo and trouble with
minority rights ndash almost impossible to
contract around
bull 最常见的问题ldquo敲竹杠rdquo
Most common issue ldquohold-uprdquo
2
中外战略合作在中国的演变（28）
Evolution of Joint Ventures in China (28)
bull 避免合营 Joint Venture Avoidance
境外 Offshore
中国 China
跨国公司
Multinational
特点 Characteristics
bull 合营初期的问题使许多外国投资者尽可
能地避免采用合营形式而是采用外商
独资企业的形式特别是在中国加入世
贸组织以后
Early problems with joint ventures led
many foreign investors to avoid JVs if
possible and seek WFOEs especially
after WTO
bull 在某些行业仍需依法采用合营的形式
Joint ventures still required for some
industries
外商独资企业
WFOE
3
中外战略合作在中国的演变（38）
Evolution of Joint Ventures in China (38)
bull 可变利益实体VIE
境外 Offshore
中国 China
外商独资企业
WFOE
跨国公司
Multinational
特点 Characteristics
bull 在限制外商投资领域广泛运用特别是在互联网等轻资产行业
Often used in industries where foreign
investment is restricted particularly in
asset-light industries such as the Internet
bull 外国公司设立一家外商独资企业中国公民或国内公司设立一家国内运营实体
Foreign company establishes a WFOE
and PRC nationals or domestic entities
establish the domestic operating entity
bull 外商独资企业名义股东和附属公司通过签订一系列的合同有效地将附属公司的控制权和经济权益转给外商独资企业
The WFOE Nominee and Captive
Company enter into series of contractual
arrangements to effectively pass control
and economics of the Captive Company to
the WFOE
bull 中国商务部的国家安全审查或将为VIE带来不确定性
MOFCOM National Security Review VIE in
crisis
中国名义股东
PRC Nominee
附属公司
Captive Company
合同关系Contractual
Relationships
4
中外战略合作在中国的演变（48）
Evolution of Joint Ventures in China (48)
中外战略联盟的回归
Joint Ventures are Back
5
中外战略合作在中国的演变（58）
Evolution of Joint Ventures in China (58)
bull 为方便而设的合营企业 Joint Ventures of Convenience
境外 Offshore
中国 China
外国公司
Foreign Company
特点 Characteristics
bull 可能设立境外结构
Structuring may happen offshore
bull 外国公司取得多数股权
Foreign Company takes majority interest
- 逐步获得全部所有权 ndash 往往2-3年可从中方股东手中买断合资形式增加中方回报并维持稳定性
Stepping stone to full ownership - often
buys out Chinese shareholder in 2-3
years allows for earn-out and stability
bull 外国公司取得少数战略股权
Foreign Company takes minority strategic
interest
- 中国公司上市前融资
Chinese Company might be pre-IPO
- 外国公司了解中国市场
Foreign Company learns Chinese
market
中国公司
Chinese Company
合营企业
Joint Venture
现金 Cash
6
现金 Cash
中外战略合作在中国的演变（68）
Evolution of Joint Ventures in China (68)
bull 境内战略合作 Onshore Strategic Joint Venture
境外 Offshore
中国 China
外国公司
Foreign Company
特点 Characteristics
bull 中国公司尚不具有征服世界的决心
Chinese companies not out to conquer the
world
bull 就ldquoA级rdquo产品ndash中国公司指望以中国市场换取先进技术
For ldquoGrade Ardquo products ndash Chinese
companies looking to trade China market in
exchange for modern technology
bull 就ldquoB级rdquo产品ndash外国公司可从其中国合作方学到一些窍门
For ldquoGrade Brdquo products ndash Foreign
companies may have things to learn from
their Chinese counterparts
中国公司
Chinese Company
合营企业
Joint Venture 现金 Cash
陈旧技术 Older Technology
进入中国市场 China Market Access
土地 Land
劳动力 Employees
现金 Cash
技术 Technology
外国专有技术 Foreign Know-how
国外市场 Foreign Market
7
中外战略合作在中国的演变（78）
Evolution of Joint Ventures in China (78)
bull 全球战略合作 Global Strategic Joint Venture
外国公司
Foreign Company
特点 Characteristics
bull 不仅局限于境内ndash由于中国公司拥有外国公司的少数股权而形成全球关系 Not just onshore ndash a global relationship as
Chinese company takes a minority interest in
foreign company
bull 使中国公司共同投资共担风险 Provides Chinese company with skin in the
game
bull 有时带来中国投资的免费资金 Free money to pay for China investment
bull 具体案例 Some known examples
- 上海ndash通用汽车 SAIC ndash GM
- 如意ndashRenown Ruyi - Renown
中国公司
Chinese Company
合营企业
Joint Venture
对中国投资
Investment into China
8
少数战略股权
Minority but
Strategic
Interest
境外 Offshore
中国 China
中外战略合作在中国的演变（88）
Evolution of Joint Ventures in China (88)
bull 全球战略合作 Global Strategic Joint Venture
案例 Case Renown Shandong Ruyi Group (山東如意集団) (20105)
山东如意集团
Shandong Ruyi Group
Renown
通过第三方配股获得4118
的股份 （仍为上市公司） 4118 through
third party allotment
(still listed)
新合营企业
（中国） New Joint Venture
(China) 品牌 Brand
Renown的优势 Renownrsquos strengths
bull 产品规划设计和质控 Product planning design
bull 店铺设计 Shop design
bull 零售商店运作的专有知识 Know-how on operation of
retail shops
bull 广告促销 Advertisement promotion
如意的优势 Ruyirsquos strengths
bull 原材料采购 Sourcing materials
bull 生产（高质量低成本） Production
(high quality cost efficient)
bull 零售商店在中国的开发和运作
Development and operation of retail
shops in China
目的 Purposes
bull 完善资产负债表 Improve the
balance sheet
bull 降低产品成本提高盈利能力
Reduce product cost and improve
profitability
bull 建立在亚洲的销售网络
bull Establish sales network in Asia
协同效应
Synergies
9
驱动跨国公司与中国企业之间战略合作的关键因素
Key Drivers for Strategic JVs between Multinationals and Chinese Companies
bull 在全球经济放缓背景下中国市场依然高成长
Importance of the high-growth Chinese market in light of the global economic slowdown
minus 一些在美国拥有成熟技术的夕阳产业被视为中国的朝阳产业
Some sunset industries with mature technology in the US considered sunrise industries in China
bull 中国ldquo用市场换技术rdquo的战略（一般是当代技术）
Chinarsquos strategy of trading market for technology (typically current generation technology)
minus 跨国公司是否愿意取决于机会的大小
Willingness of multinationals depend on size of the opportunity
minus 在开发新一代技术时跨国公司仍然拥有其在创新文化中的优势
Multinationals still hold advantage in their innovative culture in developing next generation of technology
bull 中国的高流动性（部分由于美国的定量宽松政策）
High liquidity in China (partly as a result of the quantitative easings in the US)
10
11
中国公司ldquo走出去rdquo法律制度方面的一些挑战
Challenges of Offshore Legal Environment for Chinese Companies
bull 有些中国公司习惯于接受大量政府扶持不适应市场规则
Some Chinese companies have grown accustomed to overwhelming government support
bull 缺少当地社区的支持
Lack of access to and support from local communities
bull 当地诉讼文化
Litigation culture
bull 环保合规成本高 ndash 通常承担连带责任而不是谁污染谁负责
Environmental compliance ndash ldquosuperfundrdquo vs ldquopolluter paysrdquo
bull 外国投资审查
Foreign investment approval
战略合作的十大法律问题 Top 10 Legal Issues for JVs
1 投资结构 ndash 境外境内合营合资企业合作企业或股份公司
Investment Structurendash Offshore Onshore JV EJV CJV or Joint Stock Company
2 控制权问题
Control Issues
3 出口进口管制问题
Export Import Control Issues
4 出资
Capital Contributions
5 知识产权许可保护
IP Licensing Protection
6 税收考虑
Tax Considerations
7 与国企合作的有关问题
SOE Issues
8 避免同业竞争
Non-compete
9 争议解决
Dispute Resolution
10 退出策略
Exit Strategy
12
1 投资结构 Investment Structure (12)
bull 境外合营的优点 Advantages of Offshore JVs
ndash 以境外上市作为退出机制（比境内上市更为灵活）
Offshore listing as exit (more flexible than onshore listing)
ndash 容易安排员工持股计划
Easy to structure ESOP
ndash 境内外的融资选择更为灵活
More flexible financing options onshore and offshore
ndash 使用股份作为未来融资收购的ldquo货币rdquo Use of stock as ldquocurrencyrdquo for future financingacquisition
ndash 公司文件的保密性
Confidentiality of corporate documents
bull 境外合营的缺点 Disadvantages of Offshore JVs
ndash 中国相关机构的审批风险
Chinese approval risks
ndash 参与政府采购的潜在不利因素
Possible disadvantage in participating in government procurement
ndash 未来的境内投资需得到中国相关机构批准
Future onshore investments subject to Chinese approval
ndash 在合营企业收购美国资产时需向美国外国投资委员会申报
CFIUS approval if JV to acquire US assets
13
14
bull （境内）合资经营企业 (Onshore) Equity Joint Ventures
ndash 利润分配通常按股权比例（投入的注册资本）进行 Profits generally split proportionally to equity investment (registered capital ownership)
ndash 董事会席位的分配通常也按股权比例进行 Board seats also split proportionally to equity investment
ndash 可预测性 - 法律和实践操作较为成熟 Predictability ndash more established laws and practices
bull （境内）合作经营企业 (Onshore) Cooperative Joint Ventures
ndash 利润分配更灵活 More flexibility in distributing profits
ndash 管理和控制更灵活 More flexibility in management and control
ndash 在合营各方的出资难以量化时往往使用该结构例如市场进入 Often a useful form of joint venture where partiesrsquo contributions are harder to quantify eg market access
ndash 与合资企业相比审批机构对合作企业的审查更为严格 Approval authorities will likely scrutinize CJVs more than EJVs
bull （境内）股份公司 (Onshore) Joint Stock Companies
ndash 无法定的小股东保护（控制权的灵活性）
No statutory minority protection (flexibility in control)
ndash 在获取国际外债时需外汇管理机构审批
Need foreign exchange authority approval for taking on international debt
ndash 可能以国内上市作为退出机制
Possible domestic listing as exit strategy
1 投资结构 Investment Structure (12)
2 控制权问题 Control Issues (12)
bull 有时谁能根据美国通用会计准则中国通用会计准则进行会计报表的合并成为决定因素
Sometimes driven by who may consolidate under US GAAP PRC GAAP
bull 常常需要经过艰苦的谈判
Often heavily negotiated
ndash 特别是非控制一方获得否决权时
Especially negative controls (ie ldquoveto rightsrdquo) afforded to party not in control
bull 在合营各方都没有控制权情况下的僵局问题
Deadlock concerns if neither party controls
bull 对合资企业而言 董事会席位通常根据所有权比例来确定但谁来任命董事长总经理
For EJV board seats generally determined by ownership percentage but who will appoint chairman general
manager
bull 法定代表人
The Legal Rep
ndash 通常是董事长但取决于不同的司法管辖区也可能是总经理
Generally the Chairman but possibly GM depending on jurisdiction
ndash 负有代表合营企业行事的责任和权力
Has primary responsibility and power to act on behalf of the JV
ndash 法定代表人有权代表合资企业签订协议
Apparent authority to sign on behalf of JV
ndash 考虑在卸任后归还印章
ndash Consider having Legal Rep enter into agreement to return chop upon termination
15
2 控制权问题 Control Issues (22)
bull 公司印章 Enterprise ChopsSeals
ndash 企业公章 Official Enterprise Chop
ndash 法定代表人章 Legal Representative Chop
ndash 财务及其他印章
Finance and Other Seals
bull 对签订合同的权限实施控制 Implementing control over contracting authority
ndash 制定印章使用方面的条例和程序
Formulate rules and procedures for use of seals
ndash 将法定代表人的印鉴在政府机关备案
File specimen of Legal Representative Chop with public authorities
ndash 印章的使用需要特别授权（如董事会决议）
Require specific authorization (eg Board resolution) for use of seals
16
3 出口进口管制问题 ExportImport Control Issues
bull 中国技术进口出口问题
China Technology ImportExport Issues
ndash 进口和出口技术均分为三大类禁止类限制类和允许类管理的方式均不同
Both import and export technology are classified into three categories prohibited restricted and permitted which are
regulated differently
ndash 合同条款的若干法定限制包括
Several statutory limitations on contractual terms including
bull 强制保证 ndash 外国许可方必须确保
Mandatory Warranties ndash foreign licensor must guarantee that
ndash 其是技术的合法所有人或者有权授予技术许可
It is the legal owner of or the party with the right to license the technology
ndash 必须承担因被许可方使用被许可技术所产生的任何侵权责任
Must bear responsibility for any infringement liability resulting from licenseersquos use of the licensed technology
ndash 许可技术是ldquo完整无差错有效并能产生预期结果的rdquo The licensed technology is ldquocomplete error-free effective and able to achieve the intended resultsrdquo
bull 改进
Improvements
ndash 在协议有效期内改进属于改进方
During the term of the agreement improvements must be owned by the improving party
ndash 无法限制中方被许可方进行被许可技术的改进
Chinese licensee cannot be restricted from improving the licensed technology
bull 外方本国法律的适用性
Applicability of Foreign partyrsquos home country laws
ndash 例如美国对技术的出口管制问题
Eg US Export Control Issues on Technology
bull 许可要求取决于该技术的技术特点目的地最终用户和最终用途
License requirements are dependent upon an itemrsquos technical characteristics the destination the end-user and the end-use
17
4 出资 Capital Contributions
bull 现金出资
Cash contributions
bull 以知识产权作为资本出资
Contributing intellectual property as capital
ndash 就合资企业而言必须以所有权转让的形式
For EJV must be in the form of ownership transfer
ndash 就合作企业而言技术许可可作为ldquo合作条件rdquo
For CJV a technology license might form a ldquocooperative conditionrdquo
ndash 估值问题
Evaluation issues
bull 如果知识产权没有作为对合营企业的出资知识产权也可许可给合营企业并收取使用费此类使用费可作为对合营企业的资本出资（在税收流失后）
If IP is not contributed to JV may also be licensed for royalty and the royalty payment may be
contributed to JV as capital (after tax leakage)
bull 对外商投资企业子公司的出资
Capital contributions to subsidiaries of the FIE
ndash 对于在中国设立的非控股公司作为母公司的外商投资企业无法以其注册资本向子公司进行投资
For non-holding companies set up in China investment into subsidiaries cannot come from parent FIErsquos
registered capital
ndash 控股公司的特别规则 ndash 近期的外管局问题
Special rules for holding companies ndash recent SAFE issues
18
5 知识产权许可保护 IP Licensing Protection
bull 哪些知识产权技术作为出资转让或许可给合营企业
What IPtechnology gets contributedlicensed into the JV
bull 哪一方拥有对合营各方投入技术所作的改进
Who owns improvements made to each parentrsquos input technology
bull 合营各方及合营企业间是否存在对于技术改进的回授许可安排
Will there be license grant-backs among parents and JV for improvements
bull 许可的范围多广是否仅限于合营企业的经营范围
What will be the field of use for the license agreement - tied to JVrsquos business scope
bull 合营企业破产或解散后其知识产权技术如何处理
What happens to the JVrsquos IPtechnology upon bankruptcy or dissolution of the JV
bull 在哪些情况下合营一方可终止其技术许可
Under what circumstances can the technology license from a parent be terminated by such parent
bull 技术许可终止时合营各方根据相关协议仍将保留哪些权利
Upon such termination what surviving rights if any will the parties have under the agreement
19
6 税收考虑 Tax Considerations
bull 影响税收结构安排的ldquo大范围rdquo考虑因素
ldquoBig picturerdquo considerations that influence the tax structuring include
- 先前与跨国合营企业的相关经验
Prior experience with cross-border JVs
- 全球整体的税收和税收合规战略
Overall global tax and tax compliance strategy
- 风险状况
Risk profile
- 合营企业所取得收益的性质
Nature of the income to be earned by the JV
- 适用的税收条约
Applicable tax treaties
- 与知识产权相关的税收问题
IP-related tax issues
bull 合营各方需妥协
Parties may need to compromise
- 从中方外方母国和全球角度而言最为有效的结构安排
Structure has to be the most efficient from a Chinese Foreign home country and global perspective
bull 随着全球税收制度的日益严格以及税收执法力度的日益加强在结构安排时应尽可能地保留灵活性
Structure should strive to preserve flexibility as tax regimes around the world tighten and tax enforcement becomes
more aggressive
20
7 与国企合作的有关问题 SOE Issues
bull 执行问题
Enforcement concerns
bull 国有资产和股权
State-owned assets and equity interests
ndash 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行
Transfers must be conducted via auction or public bidding at a public asset exchange center designated by
SASAC
ndash 此要求针对从建筑物机械等有形资产到股权土地使用权知识产权等无形资产的多种资产
Required for broad range of assets from tangible assets like buildings and machines to intangible assets
such as equity interests land use rights and intellectual property
ndash 适用于国家完全或部分拥有的资产国资委具有宽泛的裁量权
Applies to assets owned entirely or in part by the State SASAC has broad discretion
ndash 须由具有资质的评估人进行评估
Appraisal required by qualified appraiser
ndash 除非经国资委另行批准转让价格须高于或等于估定价值的90
Transfer price must be greater than or equal to 90 of appraised value unless otherwise approved by
SASAC
bull 政府鼓励投资政策及优惠
Government incentives
21
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
中外战略合作在中国的演变（28）
Evolution of Joint Ventures in China (28)
bull 避免合营 Joint Venture Avoidance
境外 Offshore
中国 China
跨国公司
Multinational
特点 Characteristics
bull 合营初期的问题使许多外国投资者尽可
能地避免采用合营形式而是采用外商
独资企业的形式特别是在中国加入世
贸组织以后
Early problems with joint ventures led
many foreign investors to avoid JVs if
possible and seek WFOEs especially
after WTO
bull 在某些行业仍需依法采用合营的形式
Joint ventures still required for some
industries
外商独资企业
WFOE
3
中外战略合作在中国的演变（38）
Evolution of Joint Ventures in China (38)
bull 可变利益实体VIE
境外 Offshore
中国 China
外商独资企业
WFOE
跨国公司
Multinational
特点 Characteristics
bull 在限制外商投资领域广泛运用特别是在互联网等轻资产行业
Often used in industries where foreign
investment is restricted particularly in
asset-light industries such as the Internet
bull 外国公司设立一家外商独资企业中国公民或国内公司设立一家国内运营实体
Foreign company establishes a WFOE
and PRC nationals or domestic entities
establish the domestic operating entity
bull 外商独资企业名义股东和附属公司通过签订一系列的合同有效地将附属公司的控制权和经济权益转给外商独资企业
The WFOE Nominee and Captive
Company enter into series of contractual
arrangements to effectively pass control
and economics of the Captive Company to
the WFOE
bull 中国商务部的国家安全审查或将为VIE带来不确定性
MOFCOM National Security Review VIE in
crisis
中国名义股东
PRC Nominee
附属公司
Captive Company
合同关系Contractual
Relationships
4
中外战略合作在中国的演变（48）
Evolution of Joint Ventures in China (48)
中外战略联盟的回归
Joint Ventures are Back
5
中外战略合作在中国的演变（58）
Evolution of Joint Ventures in China (58)
bull 为方便而设的合营企业 Joint Ventures of Convenience
境外 Offshore
中国 China
外国公司
Foreign Company
特点 Characteristics
bull 可能设立境外结构
Structuring may happen offshore
bull 外国公司取得多数股权
Foreign Company takes majority interest
- 逐步获得全部所有权 ndash 往往2-3年可从中方股东手中买断合资形式增加中方回报并维持稳定性
Stepping stone to full ownership - often
buys out Chinese shareholder in 2-3
years allows for earn-out and stability
bull 外国公司取得少数战略股权
Foreign Company takes minority strategic
interest
- 中国公司上市前融资
Chinese Company might be pre-IPO
- 外国公司了解中国市场
Foreign Company learns Chinese
market
中国公司
Chinese Company
合营企业
Joint Venture
现金 Cash
6
现金 Cash
中外战略合作在中国的演变（68）
Evolution of Joint Ventures in China (68)
bull 境内战略合作 Onshore Strategic Joint Venture
境外 Offshore
中国 China
外国公司
Foreign Company
特点 Characteristics
bull 中国公司尚不具有征服世界的决心
Chinese companies not out to conquer the
world
bull 就ldquoA级rdquo产品ndash中国公司指望以中国市场换取先进技术
For ldquoGrade Ardquo products ndash Chinese
companies looking to trade China market in
exchange for modern technology
bull 就ldquoB级rdquo产品ndash外国公司可从其中国合作方学到一些窍门
For ldquoGrade Brdquo products ndash Foreign
companies may have things to learn from
their Chinese counterparts
中国公司
Chinese Company
合营企业
Joint Venture 现金 Cash
陈旧技术 Older Technology
进入中国市场 China Market Access
土地 Land
劳动力 Employees
现金 Cash
技术 Technology
外国专有技术 Foreign Know-how
国外市场 Foreign Market
7
中外战略合作在中国的演变（78）
Evolution of Joint Ventures in China (78)
bull 全球战略合作 Global Strategic Joint Venture
外国公司
Foreign Company
特点 Characteristics
bull 不仅局限于境内ndash由于中国公司拥有外国公司的少数股权而形成全球关系 Not just onshore ndash a global relationship as
Chinese company takes a minority interest in
foreign company
bull 使中国公司共同投资共担风险 Provides Chinese company with skin in the
game
bull 有时带来中国投资的免费资金 Free money to pay for China investment
bull 具体案例 Some known examples
- 上海ndash通用汽车 SAIC ndash GM
- 如意ndashRenown Ruyi - Renown
中国公司
Chinese Company
合营企业
Joint Venture
对中国投资
Investment into China
8
少数战略股权
Minority but
Strategic
Interest
境外 Offshore
中国 China
中外战略合作在中国的演变（88）
Evolution of Joint Ventures in China (88)
bull 全球战略合作 Global Strategic Joint Venture
案例 Case Renown Shandong Ruyi Group (山東如意集団) (20105)
山东如意集团
Shandong Ruyi Group
Renown
通过第三方配股获得4118
的股份 （仍为上市公司） 4118 through
third party allotment
(still listed)
新合营企业
（中国） New Joint Venture
(China) 品牌 Brand
Renown的优势 Renownrsquos strengths
bull 产品规划设计和质控 Product planning design
bull 店铺设计 Shop design
bull 零售商店运作的专有知识 Know-how on operation of
retail shops
bull 广告促销 Advertisement promotion
如意的优势 Ruyirsquos strengths
bull 原材料采购 Sourcing materials
bull 生产（高质量低成本） Production
(high quality cost efficient)
bull 零售商店在中国的开发和运作
Development and operation of retail
shops in China
目的 Purposes
bull 完善资产负债表 Improve the
balance sheet
bull 降低产品成本提高盈利能力
Reduce product cost and improve
profitability
bull 建立在亚洲的销售网络
bull Establish sales network in Asia
协同效应
Synergies
9
驱动跨国公司与中国企业之间战略合作的关键因素
Key Drivers for Strategic JVs between Multinationals and Chinese Companies
bull 在全球经济放缓背景下中国市场依然高成长
Importance of the high-growth Chinese market in light of the global economic slowdown
minus 一些在美国拥有成熟技术的夕阳产业被视为中国的朝阳产业
Some sunset industries with mature technology in the US considered sunrise industries in China
bull 中国ldquo用市场换技术rdquo的战略（一般是当代技术）
Chinarsquos strategy of trading market for technology (typically current generation technology)
minus 跨国公司是否愿意取决于机会的大小
Willingness of multinationals depend on size of the opportunity
minus 在开发新一代技术时跨国公司仍然拥有其在创新文化中的优势
Multinationals still hold advantage in their innovative culture in developing next generation of technology
bull 中国的高流动性（部分由于美国的定量宽松政策）
High liquidity in China (partly as a result of the quantitative easings in the US)
10
11
中国公司ldquo走出去rdquo法律制度方面的一些挑战
Challenges of Offshore Legal Environment for Chinese Companies
bull 有些中国公司习惯于接受大量政府扶持不适应市场规则
Some Chinese companies have grown accustomed to overwhelming government support
bull 缺少当地社区的支持
Lack of access to and support from local communities
bull 当地诉讼文化
Litigation culture
bull 环保合规成本高 ndash 通常承担连带责任而不是谁污染谁负责
Environmental compliance ndash ldquosuperfundrdquo vs ldquopolluter paysrdquo
bull 外国投资审查
Foreign investment approval
战略合作的十大法律问题 Top 10 Legal Issues for JVs
1 投资结构 ndash 境外境内合营合资企业合作企业或股份公司
Investment Structurendash Offshore Onshore JV EJV CJV or Joint Stock Company
2 控制权问题
Control Issues
3 出口进口管制问题
Export Import Control Issues
4 出资
Capital Contributions
5 知识产权许可保护
IP Licensing Protection
6 税收考虑
Tax Considerations
7 与国企合作的有关问题
SOE Issues
8 避免同业竞争
Non-compete
9 争议解决
Dispute Resolution
10 退出策略
Exit Strategy
12
1 投资结构 Investment Structure (12)
bull 境外合营的优点 Advantages of Offshore JVs
ndash 以境外上市作为退出机制（比境内上市更为灵活）
Offshore listing as exit (more flexible than onshore listing)
ndash 容易安排员工持股计划
Easy to structure ESOP
ndash 境内外的融资选择更为灵活
More flexible financing options onshore and offshore
ndash 使用股份作为未来融资收购的ldquo货币rdquo Use of stock as ldquocurrencyrdquo for future financingacquisition
ndash 公司文件的保密性
Confidentiality of corporate documents
bull 境外合营的缺点 Disadvantages of Offshore JVs
ndash 中国相关机构的审批风险
Chinese approval risks
ndash 参与政府采购的潜在不利因素
Possible disadvantage in participating in government procurement
ndash 未来的境内投资需得到中国相关机构批准
Future onshore investments subject to Chinese approval
ndash 在合营企业收购美国资产时需向美国外国投资委员会申报
CFIUS approval if JV to acquire US assets
13
14
bull （境内）合资经营企业 (Onshore) Equity Joint Ventures
ndash 利润分配通常按股权比例（投入的注册资本）进行 Profits generally split proportionally to equity investment (registered capital ownership)
ndash 董事会席位的分配通常也按股权比例进行 Board seats also split proportionally to equity investment
ndash 可预测性 - 法律和实践操作较为成熟 Predictability ndash more established laws and practices
bull （境内）合作经营企业 (Onshore) Cooperative Joint Ventures
ndash 利润分配更灵活 More flexibility in distributing profits
ndash 管理和控制更灵活 More flexibility in management and control
ndash 在合营各方的出资难以量化时往往使用该结构例如市场进入 Often a useful form of joint venture where partiesrsquo contributions are harder to quantify eg market access
ndash 与合资企业相比审批机构对合作企业的审查更为严格 Approval authorities will likely scrutinize CJVs more than EJVs
bull （境内）股份公司 (Onshore) Joint Stock Companies
ndash 无法定的小股东保护（控制权的灵活性）
No statutory minority protection (flexibility in control)
ndash 在获取国际外债时需外汇管理机构审批
Need foreign exchange authority approval for taking on international debt
ndash 可能以国内上市作为退出机制
Possible domestic listing as exit strategy
1 投资结构 Investment Structure (12)
2 控制权问题 Control Issues (12)
bull 有时谁能根据美国通用会计准则中国通用会计准则进行会计报表的合并成为决定因素
Sometimes driven by who may consolidate under US GAAP PRC GAAP
bull 常常需要经过艰苦的谈判
Often heavily negotiated
ndash 特别是非控制一方获得否决权时
Especially negative controls (ie ldquoveto rightsrdquo) afforded to party not in control
bull 在合营各方都没有控制权情况下的僵局问题
Deadlock concerns if neither party controls
bull 对合资企业而言 董事会席位通常根据所有权比例来确定但谁来任命董事长总经理
For EJV board seats generally determined by ownership percentage but who will appoint chairman general
manager
bull 法定代表人
The Legal Rep
ndash 通常是董事长但取决于不同的司法管辖区也可能是总经理
Generally the Chairman but possibly GM depending on jurisdiction
ndash 负有代表合营企业行事的责任和权力
Has primary responsibility and power to act on behalf of the JV
ndash 法定代表人有权代表合资企业签订协议
Apparent authority to sign on behalf of JV
ndash 考虑在卸任后归还印章
ndash Consider having Legal Rep enter into agreement to return chop upon termination
15
2 控制权问题 Control Issues (22)
bull 公司印章 Enterprise ChopsSeals
ndash 企业公章 Official Enterprise Chop
ndash 法定代表人章 Legal Representative Chop
ndash 财务及其他印章
Finance and Other Seals
bull 对签订合同的权限实施控制 Implementing control over contracting authority
ndash 制定印章使用方面的条例和程序
Formulate rules and procedures for use of seals
ndash 将法定代表人的印鉴在政府机关备案
File specimen of Legal Representative Chop with public authorities
ndash 印章的使用需要特别授权（如董事会决议）
Require specific authorization (eg Board resolution) for use of seals
16
3 出口进口管制问题 ExportImport Control Issues
bull 中国技术进口出口问题
China Technology ImportExport Issues
ndash 进口和出口技术均分为三大类禁止类限制类和允许类管理的方式均不同
Both import and export technology are classified into three categories prohibited restricted and permitted which are
regulated differently
ndash 合同条款的若干法定限制包括
Several statutory limitations on contractual terms including
bull 强制保证 ndash 外国许可方必须确保
Mandatory Warranties ndash foreign licensor must guarantee that
ndash 其是技术的合法所有人或者有权授予技术许可
It is the legal owner of or the party with the right to license the technology
ndash 必须承担因被许可方使用被许可技术所产生的任何侵权责任
Must bear responsibility for any infringement liability resulting from licenseersquos use of the licensed technology
ndash 许可技术是ldquo完整无差错有效并能产生预期结果的rdquo The licensed technology is ldquocomplete error-free effective and able to achieve the intended resultsrdquo
bull 改进
Improvements
ndash 在协议有效期内改进属于改进方
During the term of the agreement improvements must be owned by the improving party
ndash 无法限制中方被许可方进行被许可技术的改进
Chinese licensee cannot be restricted from improving the licensed technology
bull 外方本国法律的适用性
Applicability of Foreign partyrsquos home country laws
ndash 例如美国对技术的出口管制问题
Eg US Export Control Issues on Technology
bull 许可要求取决于该技术的技术特点目的地最终用户和最终用途
License requirements are dependent upon an itemrsquos technical characteristics the destination the end-user and the end-use
17
4 出资 Capital Contributions
bull 现金出资
Cash contributions
bull 以知识产权作为资本出资
Contributing intellectual property as capital
ndash 就合资企业而言必须以所有权转让的形式
For EJV must be in the form of ownership transfer
ndash 就合作企业而言技术许可可作为ldquo合作条件rdquo
For CJV a technology license might form a ldquocooperative conditionrdquo
ndash 估值问题
Evaluation issues
bull 如果知识产权没有作为对合营企业的出资知识产权也可许可给合营企业并收取使用费此类使用费可作为对合营企业的资本出资（在税收流失后）
If IP is not contributed to JV may also be licensed for royalty and the royalty payment may be
contributed to JV as capital (after tax leakage)
bull 对外商投资企业子公司的出资
Capital contributions to subsidiaries of the FIE
ndash 对于在中国设立的非控股公司作为母公司的外商投资企业无法以其注册资本向子公司进行投资
For non-holding companies set up in China investment into subsidiaries cannot come from parent FIErsquos
registered capital
ndash 控股公司的特别规则 ndash 近期的外管局问题
Special rules for holding companies ndash recent SAFE issues
18
5 知识产权许可保护 IP Licensing Protection
bull 哪些知识产权技术作为出资转让或许可给合营企业
What IPtechnology gets contributedlicensed into the JV
bull 哪一方拥有对合营各方投入技术所作的改进
Who owns improvements made to each parentrsquos input technology
bull 合营各方及合营企业间是否存在对于技术改进的回授许可安排
Will there be license grant-backs among parents and JV for improvements
bull 许可的范围多广是否仅限于合营企业的经营范围
What will be the field of use for the license agreement - tied to JVrsquos business scope
bull 合营企业破产或解散后其知识产权技术如何处理
What happens to the JVrsquos IPtechnology upon bankruptcy or dissolution of the JV
bull 在哪些情况下合营一方可终止其技术许可
Under what circumstances can the technology license from a parent be terminated by such parent
bull 技术许可终止时合营各方根据相关协议仍将保留哪些权利
Upon such termination what surviving rights if any will the parties have under the agreement
19
6 税收考虑 Tax Considerations
bull 影响税收结构安排的ldquo大范围rdquo考虑因素
ldquoBig picturerdquo considerations that influence the tax structuring include
- 先前与跨国合营企业的相关经验
Prior experience with cross-border JVs
- 全球整体的税收和税收合规战略
Overall global tax and tax compliance strategy
- 风险状况
Risk profile
- 合营企业所取得收益的性质
Nature of the income to be earned by the JV
- 适用的税收条约
Applicable tax treaties
- 与知识产权相关的税收问题
IP-related tax issues
bull 合营各方需妥协
Parties may need to compromise
- 从中方外方母国和全球角度而言最为有效的结构安排
Structure has to be the most efficient from a Chinese Foreign home country and global perspective
bull 随着全球税收制度的日益严格以及税收执法力度的日益加强在结构安排时应尽可能地保留灵活性
Structure should strive to preserve flexibility as tax regimes around the world tighten and tax enforcement becomes
more aggressive
20
7 与国企合作的有关问题 SOE Issues
bull 执行问题
Enforcement concerns
bull 国有资产和股权
State-owned assets and equity interests
ndash 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行
Transfers must be conducted via auction or public bidding at a public asset exchange center designated by
SASAC
ndash 此要求针对从建筑物机械等有形资产到股权土地使用权知识产权等无形资产的多种资产
Required for broad range of assets from tangible assets like buildings and machines to intangible assets
such as equity interests land use rights and intellectual property
ndash 适用于国家完全或部分拥有的资产国资委具有宽泛的裁量权
Applies to assets owned entirely or in part by the State SASAC has broad discretion
ndash 须由具有资质的评估人进行评估
Appraisal required by qualified appraiser
ndash 除非经国资委另行批准转让价格须高于或等于估定价值的90
Transfer price must be greater than or equal to 90 of appraised value unless otherwise approved by
SASAC
bull 政府鼓励投资政策及优惠
Government incentives
21
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
中外战略合作在中国的演变（38）
Evolution of Joint Ventures in China (38)
bull 可变利益实体VIE
境外 Offshore
中国 China
外商独资企业
WFOE
跨国公司
Multinational
特点 Characteristics
bull 在限制外商投资领域广泛运用特别是在互联网等轻资产行业
Often used in industries where foreign
investment is restricted particularly in
asset-light industries such as the Internet
bull 外国公司设立一家外商独资企业中国公民或国内公司设立一家国内运营实体
Foreign company establishes a WFOE
and PRC nationals or domestic entities
establish the domestic operating entity
bull 外商独资企业名义股东和附属公司通过签订一系列的合同有效地将附属公司的控制权和经济权益转给外商独资企业
The WFOE Nominee and Captive
Company enter into series of contractual
arrangements to effectively pass control
and economics of the Captive Company to
the WFOE
bull 中国商务部的国家安全审查或将为VIE带来不确定性
MOFCOM National Security Review VIE in
crisis
中国名义股东
PRC Nominee
附属公司
Captive Company
合同关系Contractual
Relationships
4
中外战略合作在中国的演变（48）
Evolution of Joint Ventures in China (48)
中外战略联盟的回归
Joint Ventures are Back
5
中外战略合作在中国的演变（58）
Evolution of Joint Ventures in China (58)
bull 为方便而设的合营企业 Joint Ventures of Convenience
境外 Offshore
中国 China
外国公司
Foreign Company
特点 Characteristics
bull 可能设立境外结构
Structuring may happen offshore
bull 外国公司取得多数股权
Foreign Company takes majority interest
- 逐步获得全部所有权 ndash 往往2-3年可从中方股东手中买断合资形式增加中方回报并维持稳定性
Stepping stone to full ownership - often
buys out Chinese shareholder in 2-3
years allows for earn-out and stability
bull 外国公司取得少数战略股权
Foreign Company takes minority strategic
interest
- 中国公司上市前融资
Chinese Company might be pre-IPO
- 外国公司了解中国市场
Foreign Company learns Chinese
market
中国公司
Chinese Company
合营企业
Joint Venture
现金 Cash
6
现金 Cash
中外战略合作在中国的演变（68）
Evolution of Joint Ventures in China (68)
bull 境内战略合作 Onshore Strategic Joint Venture
境外 Offshore
中国 China
外国公司
Foreign Company
特点 Characteristics
bull 中国公司尚不具有征服世界的决心
Chinese companies not out to conquer the
world
bull 就ldquoA级rdquo产品ndash中国公司指望以中国市场换取先进技术
For ldquoGrade Ardquo products ndash Chinese
companies looking to trade China market in
exchange for modern technology
bull 就ldquoB级rdquo产品ndash外国公司可从其中国合作方学到一些窍门
For ldquoGrade Brdquo products ndash Foreign
companies may have things to learn from
their Chinese counterparts
中国公司
Chinese Company
合营企业
Joint Venture 现金 Cash
陈旧技术 Older Technology
进入中国市场 China Market Access
土地 Land
劳动力 Employees
现金 Cash
技术 Technology
外国专有技术 Foreign Know-how
国外市场 Foreign Market
7
中外战略合作在中国的演变（78）
Evolution of Joint Ventures in China (78)
bull 全球战略合作 Global Strategic Joint Venture
外国公司
Foreign Company
特点 Characteristics
bull 不仅局限于境内ndash由于中国公司拥有外国公司的少数股权而形成全球关系 Not just onshore ndash a global relationship as
Chinese company takes a minority interest in
foreign company
bull 使中国公司共同投资共担风险 Provides Chinese company with skin in the
game
bull 有时带来中国投资的免费资金 Free money to pay for China investment
bull 具体案例 Some known examples
- 上海ndash通用汽车 SAIC ndash GM
- 如意ndashRenown Ruyi - Renown
中国公司
Chinese Company
合营企业
Joint Venture
对中国投资
Investment into China
8
少数战略股权
Minority but
Strategic
Interest
境外 Offshore
中国 China
中外战略合作在中国的演变（88）
Evolution of Joint Ventures in China (88)
bull 全球战略合作 Global Strategic Joint Venture
案例 Case Renown Shandong Ruyi Group (山東如意集団) (20105)
山东如意集团
Shandong Ruyi Group
Renown
通过第三方配股获得4118
的股份 （仍为上市公司） 4118 through
third party allotment
(still listed)
新合营企业
（中国） New Joint Venture
(China) 品牌 Brand
Renown的优势 Renownrsquos strengths
bull 产品规划设计和质控 Product planning design
bull 店铺设计 Shop design
bull 零售商店运作的专有知识 Know-how on operation of
retail shops
bull 广告促销 Advertisement promotion
如意的优势 Ruyirsquos strengths
bull 原材料采购 Sourcing materials
bull 生产（高质量低成本） Production
(high quality cost efficient)
bull 零售商店在中国的开发和运作
Development and operation of retail
shops in China
目的 Purposes
bull 完善资产负债表 Improve the
balance sheet
bull 降低产品成本提高盈利能力
Reduce product cost and improve
profitability
bull 建立在亚洲的销售网络
bull Establish sales network in Asia
协同效应
Synergies
9
驱动跨国公司与中国企业之间战略合作的关键因素
Key Drivers for Strategic JVs between Multinationals and Chinese Companies
bull 在全球经济放缓背景下中国市场依然高成长
Importance of the high-growth Chinese market in light of the global economic slowdown
minus 一些在美国拥有成熟技术的夕阳产业被视为中国的朝阳产业
Some sunset industries with mature technology in the US considered sunrise industries in China
bull 中国ldquo用市场换技术rdquo的战略（一般是当代技术）
Chinarsquos strategy of trading market for technology (typically current generation technology)
minus 跨国公司是否愿意取决于机会的大小
Willingness of multinationals depend on size of the opportunity
minus 在开发新一代技术时跨国公司仍然拥有其在创新文化中的优势
Multinationals still hold advantage in their innovative culture in developing next generation of technology
bull 中国的高流动性（部分由于美国的定量宽松政策）
High liquidity in China (partly as a result of the quantitative easings in the US)
10
11
中国公司ldquo走出去rdquo法律制度方面的一些挑战
Challenges of Offshore Legal Environment for Chinese Companies
bull 有些中国公司习惯于接受大量政府扶持不适应市场规则
Some Chinese companies have grown accustomed to overwhelming government support
bull 缺少当地社区的支持
Lack of access to and support from local communities
bull 当地诉讼文化
Litigation culture
bull 环保合规成本高 ndash 通常承担连带责任而不是谁污染谁负责
Environmental compliance ndash ldquosuperfundrdquo vs ldquopolluter paysrdquo
bull 外国投资审查
Foreign investment approval
战略合作的十大法律问题 Top 10 Legal Issues for JVs
1 投资结构 ndash 境外境内合营合资企业合作企业或股份公司
Investment Structurendash Offshore Onshore JV EJV CJV or Joint Stock Company
2 控制权问题
Control Issues
3 出口进口管制问题
Export Import Control Issues
4 出资
Capital Contributions
5 知识产权许可保护
IP Licensing Protection
6 税收考虑
Tax Considerations
7 与国企合作的有关问题
SOE Issues
8 避免同业竞争
Non-compete
9 争议解决
Dispute Resolution
10 退出策略
Exit Strategy
12
1 投资结构 Investment Structure (12)
bull 境外合营的优点 Advantages of Offshore JVs
ndash 以境外上市作为退出机制（比境内上市更为灵活）
Offshore listing as exit (more flexible than onshore listing)
ndash 容易安排员工持股计划
Easy to structure ESOP
ndash 境内外的融资选择更为灵活
More flexible financing options onshore and offshore
ndash 使用股份作为未来融资收购的ldquo货币rdquo Use of stock as ldquocurrencyrdquo for future financingacquisition
ndash 公司文件的保密性
Confidentiality of corporate documents
bull 境外合营的缺点 Disadvantages of Offshore JVs
ndash 中国相关机构的审批风险
Chinese approval risks
ndash 参与政府采购的潜在不利因素
Possible disadvantage in participating in government procurement
ndash 未来的境内投资需得到中国相关机构批准
Future onshore investments subject to Chinese approval
ndash 在合营企业收购美国资产时需向美国外国投资委员会申报
CFIUS approval if JV to acquire US assets
13
14
bull （境内）合资经营企业 (Onshore) Equity Joint Ventures
ndash 利润分配通常按股权比例（投入的注册资本）进行 Profits generally split proportionally to equity investment (registered capital ownership)
ndash 董事会席位的分配通常也按股权比例进行 Board seats also split proportionally to equity investment
ndash 可预测性 - 法律和实践操作较为成熟 Predictability ndash more established laws and practices
bull （境内）合作经营企业 (Onshore) Cooperative Joint Ventures
ndash 利润分配更灵活 More flexibility in distributing profits
ndash 管理和控制更灵活 More flexibility in management and control
ndash 在合营各方的出资难以量化时往往使用该结构例如市场进入 Often a useful form of joint venture where partiesrsquo contributions are harder to quantify eg market access
ndash 与合资企业相比审批机构对合作企业的审查更为严格 Approval authorities will likely scrutinize CJVs more than EJVs
bull （境内）股份公司 (Onshore) Joint Stock Companies
ndash 无法定的小股东保护（控制权的灵活性）
No statutory minority protection (flexibility in control)
ndash 在获取国际外债时需外汇管理机构审批
Need foreign exchange authority approval for taking on international debt
ndash 可能以国内上市作为退出机制
Possible domestic listing as exit strategy
1 投资结构 Investment Structure (12)
2 控制权问题 Control Issues (12)
bull 有时谁能根据美国通用会计准则中国通用会计准则进行会计报表的合并成为决定因素
Sometimes driven by who may consolidate under US GAAP PRC GAAP
bull 常常需要经过艰苦的谈判
Often heavily negotiated
ndash 特别是非控制一方获得否决权时
Especially negative controls (ie ldquoveto rightsrdquo) afforded to party not in control
bull 在合营各方都没有控制权情况下的僵局问题
Deadlock concerns if neither party controls
bull 对合资企业而言 董事会席位通常根据所有权比例来确定但谁来任命董事长总经理
For EJV board seats generally determined by ownership percentage but who will appoint chairman general
manager
bull 法定代表人
The Legal Rep
ndash 通常是董事长但取决于不同的司法管辖区也可能是总经理
Generally the Chairman but possibly GM depending on jurisdiction
ndash 负有代表合营企业行事的责任和权力
Has primary responsibility and power to act on behalf of the JV
ndash 法定代表人有权代表合资企业签订协议
Apparent authority to sign on behalf of JV
ndash 考虑在卸任后归还印章
ndash Consider having Legal Rep enter into agreement to return chop upon termination
15
2 控制权问题 Control Issues (22)
bull 公司印章 Enterprise ChopsSeals
ndash 企业公章 Official Enterprise Chop
ndash 法定代表人章 Legal Representative Chop
ndash 财务及其他印章
Finance and Other Seals
bull 对签订合同的权限实施控制 Implementing control over contracting authority
ndash 制定印章使用方面的条例和程序
Formulate rules and procedures for use of seals
ndash 将法定代表人的印鉴在政府机关备案
File specimen of Legal Representative Chop with public authorities
ndash 印章的使用需要特别授权（如董事会决议）
Require specific authorization (eg Board resolution) for use of seals
16
3 出口进口管制问题 ExportImport Control Issues
bull 中国技术进口出口问题
China Technology ImportExport Issues
ndash 进口和出口技术均分为三大类禁止类限制类和允许类管理的方式均不同
Both import and export technology are classified into three categories prohibited restricted and permitted which are
regulated differently
ndash 合同条款的若干法定限制包括
Several statutory limitations on contractual terms including
bull 强制保证 ndash 外国许可方必须确保
Mandatory Warranties ndash foreign licensor must guarantee that
ndash 其是技术的合法所有人或者有权授予技术许可
It is the legal owner of or the party with the right to license the technology
ndash 必须承担因被许可方使用被许可技术所产生的任何侵权责任
Must bear responsibility for any infringement liability resulting from licenseersquos use of the licensed technology
ndash 许可技术是ldquo完整无差错有效并能产生预期结果的rdquo The licensed technology is ldquocomplete error-free effective and able to achieve the intended resultsrdquo
bull 改进
Improvements
ndash 在协议有效期内改进属于改进方
During the term of the agreement improvements must be owned by the improving party
ndash 无法限制中方被许可方进行被许可技术的改进
Chinese licensee cannot be restricted from improving the licensed technology
bull 外方本国法律的适用性
Applicability of Foreign partyrsquos home country laws
ndash 例如美国对技术的出口管制问题
Eg US Export Control Issues on Technology
bull 许可要求取决于该技术的技术特点目的地最终用户和最终用途
License requirements are dependent upon an itemrsquos technical characteristics the destination the end-user and the end-use
17
4 出资 Capital Contributions
bull 现金出资
Cash contributions
bull 以知识产权作为资本出资
Contributing intellectual property as capital
ndash 就合资企业而言必须以所有权转让的形式
For EJV must be in the form of ownership transfer
ndash 就合作企业而言技术许可可作为ldquo合作条件rdquo
For CJV a technology license might form a ldquocooperative conditionrdquo
ndash 估值问题
Evaluation issues
bull 如果知识产权没有作为对合营企业的出资知识产权也可许可给合营企业并收取使用费此类使用费可作为对合营企业的资本出资（在税收流失后）
If IP is not contributed to JV may also be licensed for royalty and the royalty payment may be
contributed to JV as capital (after tax leakage)
bull 对外商投资企业子公司的出资
Capital contributions to subsidiaries of the FIE
ndash 对于在中国设立的非控股公司作为母公司的外商投资企业无法以其注册资本向子公司进行投资
For non-holding companies set up in China investment into subsidiaries cannot come from parent FIErsquos
registered capital
ndash 控股公司的特别规则 ndash 近期的外管局问题
Special rules for holding companies ndash recent SAFE issues
18
5 知识产权许可保护 IP Licensing Protection
bull 哪些知识产权技术作为出资转让或许可给合营企业
What IPtechnology gets contributedlicensed into the JV
bull 哪一方拥有对合营各方投入技术所作的改进
Who owns improvements made to each parentrsquos input technology
bull 合营各方及合营企业间是否存在对于技术改进的回授许可安排
Will there be license grant-backs among parents and JV for improvements
bull 许可的范围多广是否仅限于合营企业的经营范围
What will be the field of use for the license agreement - tied to JVrsquos business scope
bull 合营企业破产或解散后其知识产权技术如何处理
What happens to the JVrsquos IPtechnology upon bankruptcy or dissolution of the JV
bull 在哪些情况下合营一方可终止其技术许可
Under what circumstances can the technology license from a parent be terminated by such parent
bull 技术许可终止时合营各方根据相关协议仍将保留哪些权利
Upon such termination what surviving rights if any will the parties have under the agreement
19
6 税收考虑 Tax Considerations
bull 影响税收结构安排的ldquo大范围rdquo考虑因素
ldquoBig picturerdquo considerations that influence the tax structuring include
- 先前与跨国合营企业的相关经验
Prior experience with cross-border JVs
- 全球整体的税收和税收合规战略
Overall global tax and tax compliance strategy
- 风险状况
Risk profile
- 合营企业所取得收益的性质
Nature of the income to be earned by the JV
- 适用的税收条约
Applicable tax treaties
- 与知识产权相关的税收问题
IP-related tax issues
bull 合营各方需妥协
Parties may need to compromise
- 从中方外方母国和全球角度而言最为有效的结构安排
Structure has to be the most efficient from a Chinese Foreign home country and global perspective
bull 随着全球税收制度的日益严格以及税收执法力度的日益加强在结构安排时应尽可能地保留灵活性
Structure should strive to preserve flexibility as tax regimes around the world tighten and tax enforcement becomes
more aggressive
20
7 与国企合作的有关问题 SOE Issues
bull 执行问题
Enforcement concerns
bull 国有资产和股权
State-owned assets and equity interests
ndash 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行
Transfers must be conducted via auction or public bidding at a public asset exchange center designated by
SASAC
ndash 此要求针对从建筑物机械等有形资产到股权土地使用权知识产权等无形资产的多种资产
Required for broad range of assets from tangible assets like buildings and machines to intangible assets
such as equity interests land use rights and intellectual property
ndash 适用于国家完全或部分拥有的资产国资委具有宽泛的裁量权
Applies to assets owned entirely or in part by the State SASAC has broad discretion
ndash 须由具有资质的评估人进行评估
Appraisal required by qualified appraiser
ndash 除非经国资委另行批准转让价格须高于或等于估定价值的90
Transfer price must be greater than or equal to 90 of appraised value unless otherwise approved by
SASAC
bull 政府鼓励投资政策及优惠
Government incentives
21
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
中外战略合作在中国的演变（48）
Evolution of Joint Ventures in China (48)
中外战略联盟的回归
Joint Ventures are Back
5
中外战略合作在中国的演变（58）
Evolution of Joint Ventures in China (58)
bull 为方便而设的合营企业 Joint Ventures of Convenience
境外 Offshore
中国 China
外国公司
Foreign Company
特点 Characteristics
bull 可能设立境外结构
Structuring may happen offshore
bull 外国公司取得多数股权
Foreign Company takes majority interest
- 逐步获得全部所有权 ndash 往往2-3年可从中方股东手中买断合资形式增加中方回报并维持稳定性
Stepping stone to full ownership - often
buys out Chinese shareholder in 2-3
years allows for earn-out and stability
bull 外国公司取得少数战略股权
Foreign Company takes minority strategic
interest
- 中国公司上市前融资
Chinese Company might be pre-IPO
- 外国公司了解中国市场
Foreign Company learns Chinese
market
中国公司
Chinese Company
合营企业
Joint Venture
现金 Cash
6
现金 Cash
中外战略合作在中国的演变（68）
Evolution of Joint Ventures in China (68)
bull 境内战略合作 Onshore Strategic Joint Venture
境外 Offshore
中国 China
外国公司
Foreign Company
特点 Characteristics
bull 中国公司尚不具有征服世界的决心
Chinese companies not out to conquer the
world
bull 就ldquoA级rdquo产品ndash中国公司指望以中国市场换取先进技术
For ldquoGrade Ardquo products ndash Chinese
companies looking to trade China market in
exchange for modern technology
bull 就ldquoB级rdquo产品ndash外国公司可从其中国合作方学到一些窍门
For ldquoGrade Brdquo products ndash Foreign
companies may have things to learn from
their Chinese counterparts
中国公司
Chinese Company
合营企业
Joint Venture 现金 Cash
陈旧技术 Older Technology
进入中国市场 China Market Access
土地 Land
劳动力 Employees
现金 Cash
技术 Technology
外国专有技术 Foreign Know-how
国外市场 Foreign Market
7
中外战略合作在中国的演变（78）
Evolution of Joint Ventures in China (78)
bull 全球战略合作 Global Strategic Joint Venture
外国公司
Foreign Company
特点 Characteristics
bull 不仅局限于境内ndash由于中国公司拥有外国公司的少数股权而形成全球关系 Not just onshore ndash a global relationship as
Chinese company takes a minority interest in
foreign company
bull 使中国公司共同投资共担风险 Provides Chinese company with skin in the
game
bull 有时带来中国投资的免费资金 Free money to pay for China investment
bull 具体案例 Some known examples
- 上海ndash通用汽车 SAIC ndash GM
- 如意ndashRenown Ruyi - Renown
中国公司
Chinese Company
合营企业
Joint Venture
对中国投资
Investment into China
8
少数战略股权
Minority but
Strategic
Interest
境外 Offshore
中国 China
中外战略合作在中国的演变（88）
Evolution of Joint Ventures in China (88)
bull 全球战略合作 Global Strategic Joint Venture
案例 Case Renown Shandong Ruyi Group (山東如意集団) (20105)
山东如意集团
Shandong Ruyi Group
Renown
通过第三方配股获得4118
的股份 （仍为上市公司） 4118 through
third party allotment
(still listed)
新合营企业
（中国） New Joint Venture
(China) 品牌 Brand
Renown的优势 Renownrsquos strengths
bull 产品规划设计和质控 Product planning design
bull 店铺设计 Shop design
bull 零售商店运作的专有知识 Know-how on operation of
retail shops
bull 广告促销 Advertisement promotion
如意的优势 Ruyirsquos strengths
bull 原材料采购 Sourcing materials
bull 生产（高质量低成本） Production
(high quality cost efficient)
bull 零售商店在中国的开发和运作
Development and operation of retail
shops in China
目的 Purposes
bull 完善资产负债表 Improve the
balance sheet
bull 降低产品成本提高盈利能力
Reduce product cost and improve
profitability
bull 建立在亚洲的销售网络
bull Establish sales network in Asia
协同效应
Synergies
9
驱动跨国公司与中国企业之间战略合作的关键因素
Key Drivers for Strategic JVs between Multinationals and Chinese Companies
bull 在全球经济放缓背景下中国市场依然高成长
Importance of the high-growth Chinese market in light of the global economic slowdown
minus 一些在美国拥有成熟技术的夕阳产业被视为中国的朝阳产业
Some sunset industries with mature technology in the US considered sunrise industries in China
bull 中国ldquo用市场换技术rdquo的战略（一般是当代技术）
Chinarsquos strategy of trading market for technology (typically current generation technology)
minus 跨国公司是否愿意取决于机会的大小
Willingness of multinationals depend on size of the opportunity
minus 在开发新一代技术时跨国公司仍然拥有其在创新文化中的优势
Multinationals still hold advantage in their innovative culture in developing next generation of technology
bull 中国的高流动性（部分由于美国的定量宽松政策）
High liquidity in China (partly as a result of the quantitative easings in the US)
10
11
中国公司ldquo走出去rdquo法律制度方面的一些挑战
Challenges of Offshore Legal Environment for Chinese Companies
bull 有些中国公司习惯于接受大量政府扶持不适应市场规则
Some Chinese companies have grown accustomed to overwhelming government support
bull 缺少当地社区的支持
Lack of access to and support from local communities
bull 当地诉讼文化
Litigation culture
bull 环保合规成本高 ndash 通常承担连带责任而不是谁污染谁负责
Environmental compliance ndash ldquosuperfundrdquo vs ldquopolluter paysrdquo
bull 外国投资审查
Foreign investment approval
战略合作的十大法律问题 Top 10 Legal Issues for JVs
1 投资结构 ndash 境外境内合营合资企业合作企业或股份公司
Investment Structurendash Offshore Onshore JV EJV CJV or Joint Stock Company
2 控制权问题
Control Issues
3 出口进口管制问题
Export Import Control Issues
4 出资
Capital Contributions
5 知识产权许可保护
IP Licensing Protection
6 税收考虑
Tax Considerations
7 与国企合作的有关问题
SOE Issues
8 避免同业竞争
Non-compete
9 争议解决
Dispute Resolution
10 退出策略
Exit Strategy
12
1 投资结构 Investment Structure (12)
bull 境外合营的优点 Advantages of Offshore JVs
ndash 以境外上市作为退出机制（比境内上市更为灵活）
Offshore listing as exit (more flexible than onshore listing)
ndash 容易安排员工持股计划
Easy to structure ESOP
ndash 境内外的融资选择更为灵活
More flexible financing options onshore and offshore
ndash 使用股份作为未来融资收购的ldquo货币rdquo Use of stock as ldquocurrencyrdquo for future financingacquisition
ndash 公司文件的保密性
Confidentiality of corporate documents
bull 境外合营的缺点 Disadvantages of Offshore JVs
ndash 中国相关机构的审批风险
Chinese approval risks
ndash 参与政府采购的潜在不利因素
Possible disadvantage in participating in government procurement
ndash 未来的境内投资需得到中国相关机构批准
Future onshore investments subject to Chinese approval
ndash 在合营企业收购美国资产时需向美国外国投资委员会申报
CFIUS approval if JV to acquire US assets
13
14
bull （境内）合资经营企业 (Onshore) Equity Joint Ventures
ndash 利润分配通常按股权比例（投入的注册资本）进行 Profits generally split proportionally to equity investment (registered capital ownership)
ndash 董事会席位的分配通常也按股权比例进行 Board seats also split proportionally to equity investment
ndash 可预测性 - 法律和实践操作较为成熟 Predictability ndash more established laws and practices
bull （境内）合作经营企业 (Onshore) Cooperative Joint Ventures
ndash 利润分配更灵活 More flexibility in distributing profits
ndash 管理和控制更灵活 More flexibility in management and control
ndash 在合营各方的出资难以量化时往往使用该结构例如市场进入 Often a useful form of joint venture where partiesrsquo contributions are harder to quantify eg market access
ndash 与合资企业相比审批机构对合作企业的审查更为严格 Approval authorities will likely scrutinize CJVs more than EJVs
bull （境内）股份公司 (Onshore) Joint Stock Companies
ndash 无法定的小股东保护（控制权的灵活性）
No statutory minority protection (flexibility in control)
ndash 在获取国际外债时需外汇管理机构审批
Need foreign exchange authority approval for taking on international debt
ndash 可能以国内上市作为退出机制
Possible domestic listing as exit strategy
1 投资结构 Investment Structure (12)
2 控制权问题 Control Issues (12)
bull 有时谁能根据美国通用会计准则中国通用会计准则进行会计报表的合并成为决定因素
Sometimes driven by who may consolidate under US GAAP PRC GAAP
bull 常常需要经过艰苦的谈判
Often heavily negotiated
ndash 特别是非控制一方获得否决权时
Especially negative controls (ie ldquoveto rightsrdquo) afforded to party not in control
bull 在合营各方都没有控制权情况下的僵局问题
Deadlock concerns if neither party controls
bull 对合资企业而言 董事会席位通常根据所有权比例来确定但谁来任命董事长总经理
For EJV board seats generally determined by ownership percentage but who will appoint chairman general
manager
bull 法定代表人
The Legal Rep
ndash 通常是董事长但取决于不同的司法管辖区也可能是总经理
Generally the Chairman but possibly GM depending on jurisdiction
ndash 负有代表合营企业行事的责任和权力
Has primary responsibility and power to act on behalf of the JV
ndash 法定代表人有权代表合资企业签订协议
Apparent authority to sign on behalf of JV
ndash 考虑在卸任后归还印章
ndash Consider having Legal Rep enter into agreement to return chop upon termination
15
2 控制权问题 Control Issues (22)
bull 公司印章 Enterprise ChopsSeals
ndash 企业公章 Official Enterprise Chop
ndash 法定代表人章 Legal Representative Chop
ndash 财务及其他印章
Finance and Other Seals
bull 对签订合同的权限实施控制 Implementing control over contracting authority
ndash 制定印章使用方面的条例和程序
Formulate rules and procedures for use of seals
ndash 将法定代表人的印鉴在政府机关备案
File specimen of Legal Representative Chop with public authorities
ndash 印章的使用需要特别授权（如董事会决议）
Require specific authorization (eg Board resolution) for use of seals
16
3 出口进口管制问题 ExportImport Control Issues
bull 中国技术进口出口问题
China Technology ImportExport Issues
ndash 进口和出口技术均分为三大类禁止类限制类和允许类管理的方式均不同
Both import and export technology are classified into three categories prohibited restricted and permitted which are
regulated differently
ndash 合同条款的若干法定限制包括
Several statutory limitations on contractual terms including
bull 强制保证 ndash 外国许可方必须确保
Mandatory Warranties ndash foreign licensor must guarantee that
ndash 其是技术的合法所有人或者有权授予技术许可
It is the legal owner of or the party with the right to license the technology
ndash 必须承担因被许可方使用被许可技术所产生的任何侵权责任
Must bear responsibility for any infringement liability resulting from licenseersquos use of the licensed technology
ndash 许可技术是ldquo完整无差错有效并能产生预期结果的rdquo The licensed technology is ldquocomplete error-free effective and able to achieve the intended resultsrdquo
bull 改进
Improvements
ndash 在协议有效期内改进属于改进方
During the term of the agreement improvements must be owned by the improving party
ndash 无法限制中方被许可方进行被许可技术的改进
Chinese licensee cannot be restricted from improving the licensed technology
bull 外方本国法律的适用性
Applicability of Foreign partyrsquos home country laws
ndash 例如美国对技术的出口管制问题
Eg US Export Control Issues on Technology
bull 许可要求取决于该技术的技术特点目的地最终用户和最终用途
License requirements are dependent upon an itemrsquos technical characteristics the destination the end-user and the end-use
17
4 出资 Capital Contributions
bull 现金出资
Cash contributions
bull 以知识产权作为资本出资
Contributing intellectual property as capital
ndash 就合资企业而言必须以所有权转让的形式
For EJV must be in the form of ownership transfer
ndash 就合作企业而言技术许可可作为ldquo合作条件rdquo
For CJV a technology license might form a ldquocooperative conditionrdquo
ndash 估值问题
Evaluation issues
bull 如果知识产权没有作为对合营企业的出资知识产权也可许可给合营企业并收取使用费此类使用费可作为对合营企业的资本出资（在税收流失后）
If IP is not contributed to JV may also be licensed for royalty and the royalty payment may be
contributed to JV as capital (after tax leakage)
bull 对外商投资企业子公司的出资
Capital contributions to subsidiaries of the FIE
ndash 对于在中国设立的非控股公司作为母公司的外商投资企业无法以其注册资本向子公司进行投资
For non-holding companies set up in China investment into subsidiaries cannot come from parent FIErsquos
registered capital
ndash 控股公司的特别规则 ndash 近期的外管局问题
Special rules for holding companies ndash recent SAFE issues
18
5 知识产权许可保护 IP Licensing Protection
bull 哪些知识产权技术作为出资转让或许可给合营企业
What IPtechnology gets contributedlicensed into the JV
bull 哪一方拥有对合营各方投入技术所作的改进
Who owns improvements made to each parentrsquos input technology
bull 合营各方及合营企业间是否存在对于技术改进的回授许可安排
Will there be license grant-backs among parents and JV for improvements
bull 许可的范围多广是否仅限于合营企业的经营范围
What will be the field of use for the license agreement - tied to JVrsquos business scope
bull 合营企业破产或解散后其知识产权技术如何处理
What happens to the JVrsquos IPtechnology upon bankruptcy or dissolution of the JV
bull 在哪些情况下合营一方可终止其技术许可
Under what circumstances can the technology license from a parent be terminated by such parent
bull 技术许可终止时合营各方根据相关协议仍将保留哪些权利
Upon such termination what surviving rights if any will the parties have under the agreement
19
6 税收考虑 Tax Considerations
bull 影响税收结构安排的ldquo大范围rdquo考虑因素
ldquoBig picturerdquo considerations that influence the tax structuring include
- 先前与跨国合营企业的相关经验
Prior experience with cross-border JVs
- 全球整体的税收和税收合规战略
Overall global tax and tax compliance strategy
- 风险状况
Risk profile
- 合营企业所取得收益的性质
Nature of the income to be earned by the JV
- 适用的税收条约
Applicable tax treaties
- 与知识产权相关的税收问题
IP-related tax issues
bull 合营各方需妥协
Parties may need to compromise
- 从中方外方母国和全球角度而言最为有效的结构安排
Structure has to be the most efficient from a Chinese Foreign home country and global perspective
bull 随着全球税收制度的日益严格以及税收执法力度的日益加强在结构安排时应尽可能地保留灵活性
Structure should strive to preserve flexibility as tax regimes around the world tighten and tax enforcement becomes
more aggressive
20
7 与国企合作的有关问题 SOE Issues
bull 执行问题
Enforcement concerns
bull 国有资产和股权
State-owned assets and equity interests
ndash 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行
Transfers must be conducted via auction or public bidding at a public asset exchange center designated by
SASAC
ndash 此要求针对从建筑物机械等有形资产到股权土地使用权知识产权等无形资产的多种资产
Required for broad range of assets from tangible assets like buildings and machines to intangible assets
such as equity interests land use rights and intellectual property
ndash 适用于国家完全或部分拥有的资产国资委具有宽泛的裁量权
Applies to assets owned entirely or in part by the State SASAC has broad discretion
ndash 须由具有资质的评估人进行评估
Appraisal required by qualified appraiser
ndash 除非经国资委另行批准转让价格须高于或等于估定价值的90
Transfer price must be greater than or equal to 90 of appraised value unless otherwise approved by
SASAC
bull 政府鼓励投资政策及优惠
Government incentives
21
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
中外战略合作在中国的演变（58）
Evolution of Joint Ventures in China (58)
bull 为方便而设的合营企业 Joint Ventures of Convenience
境外 Offshore
中国 China
外国公司
Foreign Company
特点 Characteristics
bull 可能设立境外结构
Structuring may happen offshore
bull 外国公司取得多数股权
Foreign Company takes majority interest
- 逐步获得全部所有权 ndash 往往2-3年可从中方股东手中买断合资形式增加中方回报并维持稳定性
Stepping stone to full ownership - often
buys out Chinese shareholder in 2-3
years allows for earn-out and stability
bull 外国公司取得少数战略股权
Foreign Company takes minority strategic
interest
- 中国公司上市前融资
Chinese Company might be pre-IPO
- 外国公司了解中国市场
Foreign Company learns Chinese
market
中国公司
Chinese Company
合营企业
Joint Venture
现金 Cash
6
现金 Cash
中外战略合作在中国的演变（68）
Evolution of Joint Ventures in China (68)
bull 境内战略合作 Onshore Strategic Joint Venture
境外 Offshore
中国 China
外国公司
Foreign Company
特点 Characteristics
bull 中国公司尚不具有征服世界的决心
Chinese companies not out to conquer the
world
bull 就ldquoA级rdquo产品ndash中国公司指望以中国市场换取先进技术
For ldquoGrade Ardquo products ndash Chinese
companies looking to trade China market in
exchange for modern technology
bull 就ldquoB级rdquo产品ndash外国公司可从其中国合作方学到一些窍门
For ldquoGrade Brdquo products ndash Foreign
companies may have things to learn from
their Chinese counterparts
中国公司
Chinese Company
合营企业
Joint Venture 现金 Cash
陈旧技术 Older Technology
进入中国市场 China Market Access
土地 Land
劳动力 Employees
现金 Cash
技术 Technology
外国专有技术 Foreign Know-how
国外市场 Foreign Market
7
中外战略合作在中国的演变（78）
Evolution of Joint Ventures in China (78)
bull 全球战略合作 Global Strategic Joint Venture
外国公司
Foreign Company
特点 Characteristics
bull 不仅局限于境内ndash由于中国公司拥有外国公司的少数股权而形成全球关系 Not just onshore ndash a global relationship as
Chinese company takes a minority interest in
foreign company
bull 使中国公司共同投资共担风险 Provides Chinese company with skin in the
game
bull 有时带来中国投资的免费资金 Free money to pay for China investment
bull 具体案例 Some known examples
- 上海ndash通用汽车 SAIC ndash GM
- 如意ndashRenown Ruyi - Renown
中国公司
Chinese Company
合营企业
Joint Venture
对中国投资
Investment into China
8
少数战略股权
Minority but
Strategic
Interest
境外 Offshore
中国 China
中外战略合作在中国的演变（88）
Evolution of Joint Ventures in China (88)
bull 全球战略合作 Global Strategic Joint Venture
案例 Case Renown Shandong Ruyi Group (山東如意集団) (20105)
山东如意集团
Shandong Ruyi Group
Renown
通过第三方配股获得4118
的股份 （仍为上市公司） 4118 through
third party allotment
(still listed)
新合营企业
（中国） New Joint Venture
(China) 品牌 Brand
Renown的优势 Renownrsquos strengths
bull 产品规划设计和质控 Product planning design
bull 店铺设计 Shop design
bull 零售商店运作的专有知识 Know-how on operation of
retail shops
bull 广告促销 Advertisement promotion
如意的优势 Ruyirsquos strengths
bull 原材料采购 Sourcing materials
bull 生产（高质量低成本） Production
(high quality cost efficient)
bull 零售商店在中国的开发和运作
Development and operation of retail
shops in China
目的 Purposes
bull 完善资产负债表 Improve the
balance sheet
bull 降低产品成本提高盈利能力
Reduce product cost and improve
profitability
bull 建立在亚洲的销售网络
bull Establish sales network in Asia
协同效应
Synergies
9
驱动跨国公司与中国企业之间战略合作的关键因素
Key Drivers for Strategic JVs between Multinationals and Chinese Companies
bull 在全球经济放缓背景下中国市场依然高成长
Importance of the high-growth Chinese market in light of the global economic slowdown
minus 一些在美国拥有成熟技术的夕阳产业被视为中国的朝阳产业
Some sunset industries with mature technology in the US considered sunrise industries in China
bull 中国ldquo用市场换技术rdquo的战略（一般是当代技术）
Chinarsquos strategy of trading market for technology (typically current generation technology)
minus 跨国公司是否愿意取决于机会的大小
Willingness of multinationals depend on size of the opportunity
minus 在开发新一代技术时跨国公司仍然拥有其在创新文化中的优势
Multinationals still hold advantage in their innovative culture in developing next generation of technology
bull 中国的高流动性（部分由于美国的定量宽松政策）
High liquidity in China (partly as a result of the quantitative easings in the US)
10
11
中国公司ldquo走出去rdquo法律制度方面的一些挑战
Challenges of Offshore Legal Environment for Chinese Companies
bull 有些中国公司习惯于接受大量政府扶持不适应市场规则
Some Chinese companies have grown accustomed to overwhelming government support
bull 缺少当地社区的支持
Lack of access to and support from local communities
bull 当地诉讼文化
Litigation culture
bull 环保合规成本高 ndash 通常承担连带责任而不是谁污染谁负责
Environmental compliance ndash ldquosuperfundrdquo vs ldquopolluter paysrdquo
bull 外国投资审查
Foreign investment approval
战略合作的十大法律问题 Top 10 Legal Issues for JVs
1 投资结构 ndash 境外境内合营合资企业合作企业或股份公司
Investment Structurendash Offshore Onshore JV EJV CJV or Joint Stock Company
2 控制权问题
Control Issues
3 出口进口管制问题
Export Import Control Issues
4 出资
Capital Contributions
5 知识产权许可保护
IP Licensing Protection
6 税收考虑
Tax Considerations
7 与国企合作的有关问题
SOE Issues
8 避免同业竞争
Non-compete
9 争议解决
Dispute Resolution
10 退出策略
Exit Strategy
12
1 投资结构 Investment Structure (12)
bull 境外合营的优点 Advantages of Offshore JVs
ndash 以境外上市作为退出机制（比境内上市更为灵活）
Offshore listing as exit (more flexible than onshore listing)
ndash 容易安排员工持股计划
Easy to structure ESOP
ndash 境内外的融资选择更为灵活
More flexible financing options onshore and offshore
ndash 使用股份作为未来融资收购的ldquo货币rdquo Use of stock as ldquocurrencyrdquo for future financingacquisition
ndash 公司文件的保密性
Confidentiality of corporate documents
bull 境外合营的缺点 Disadvantages of Offshore JVs
ndash 中国相关机构的审批风险
Chinese approval risks
ndash 参与政府采购的潜在不利因素
Possible disadvantage in participating in government procurement
ndash 未来的境内投资需得到中国相关机构批准
Future onshore investments subject to Chinese approval
ndash 在合营企业收购美国资产时需向美国外国投资委员会申报
CFIUS approval if JV to acquire US assets
13
14
bull （境内）合资经营企业 (Onshore) Equity Joint Ventures
ndash 利润分配通常按股权比例（投入的注册资本）进行 Profits generally split proportionally to equity investment (registered capital ownership)
ndash 董事会席位的分配通常也按股权比例进行 Board seats also split proportionally to equity investment
ndash 可预测性 - 法律和实践操作较为成熟 Predictability ndash more established laws and practices
bull （境内）合作经营企业 (Onshore) Cooperative Joint Ventures
ndash 利润分配更灵活 More flexibility in distributing profits
ndash 管理和控制更灵活 More flexibility in management and control
ndash 在合营各方的出资难以量化时往往使用该结构例如市场进入 Often a useful form of joint venture where partiesrsquo contributions are harder to quantify eg market access
ndash 与合资企业相比审批机构对合作企业的审查更为严格 Approval authorities will likely scrutinize CJVs more than EJVs
bull （境内）股份公司 (Onshore) Joint Stock Companies
ndash 无法定的小股东保护（控制权的灵活性）
No statutory minority protection (flexibility in control)
ndash 在获取国际外债时需外汇管理机构审批
Need foreign exchange authority approval for taking on international debt
ndash 可能以国内上市作为退出机制
Possible domestic listing as exit strategy
1 投资结构 Investment Structure (12)
2 控制权问题 Control Issues (12)
bull 有时谁能根据美国通用会计准则中国通用会计准则进行会计报表的合并成为决定因素
Sometimes driven by who may consolidate under US GAAP PRC GAAP
bull 常常需要经过艰苦的谈判
Often heavily negotiated
ndash 特别是非控制一方获得否决权时
Especially negative controls (ie ldquoveto rightsrdquo) afforded to party not in control
bull 在合营各方都没有控制权情况下的僵局问题
Deadlock concerns if neither party controls
bull 对合资企业而言 董事会席位通常根据所有权比例来确定但谁来任命董事长总经理
For EJV board seats generally determined by ownership percentage but who will appoint chairman general
manager
bull 法定代表人
The Legal Rep
ndash 通常是董事长但取决于不同的司法管辖区也可能是总经理
Generally the Chairman but possibly GM depending on jurisdiction
ndash 负有代表合营企业行事的责任和权力
Has primary responsibility and power to act on behalf of the JV
ndash 法定代表人有权代表合资企业签订协议
Apparent authority to sign on behalf of JV
ndash 考虑在卸任后归还印章
ndash Consider having Legal Rep enter into agreement to return chop upon termination
15
2 控制权问题 Control Issues (22)
bull 公司印章 Enterprise ChopsSeals
ndash 企业公章 Official Enterprise Chop
ndash 法定代表人章 Legal Representative Chop
ndash 财务及其他印章
Finance and Other Seals
bull 对签订合同的权限实施控制 Implementing control over contracting authority
ndash 制定印章使用方面的条例和程序
Formulate rules and procedures for use of seals
ndash 将法定代表人的印鉴在政府机关备案
File specimen of Legal Representative Chop with public authorities
ndash 印章的使用需要特别授权（如董事会决议）
Require specific authorization (eg Board resolution) for use of seals
16
3 出口进口管制问题 ExportImport Control Issues
bull 中国技术进口出口问题
China Technology ImportExport Issues
ndash 进口和出口技术均分为三大类禁止类限制类和允许类管理的方式均不同
Both import and export technology are classified into three categories prohibited restricted and permitted which are
regulated differently
ndash 合同条款的若干法定限制包括
Several statutory limitations on contractual terms including
bull 强制保证 ndash 外国许可方必须确保
Mandatory Warranties ndash foreign licensor must guarantee that
ndash 其是技术的合法所有人或者有权授予技术许可
It is the legal owner of or the party with the right to license the technology
ndash 必须承担因被许可方使用被许可技术所产生的任何侵权责任
Must bear responsibility for any infringement liability resulting from licenseersquos use of the licensed technology
ndash 许可技术是ldquo完整无差错有效并能产生预期结果的rdquo The licensed technology is ldquocomplete error-free effective and able to achieve the intended resultsrdquo
bull 改进
Improvements
ndash 在协议有效期内改进属于改进方
During the term of the agreement improvements must be owned by the improving party
ndash 无法限制中方被许可方进行被许可技术的改进
Chinese licensee cannot be restricted from improving the licensed technology
bull 外方本国法律的适用性
Applicability of Foreign partyrsquos home country laws
ndash 例如美国对技术的出口管制问题
Eg US Export Control Issues on Technology
bull 许可要求取决于该技术的技术特点目的地最终用户和最终用途
License requirements are dependent upon an itemrsquos technical characteristics the destination the end-user and the end-use
17
4 出资 Capital Contributions
bull 现金出资
Cash contributions
bull 以知识产权作为资本出资
Contributing intellectual property as capital
ndash 就合资企业而言必须以所有权转让的形式
For EJV must be in the form of ownership transfer
ndash 就合作企业而言技术许可可作为ldquo合作条件rdquo
For CJV a technology license might form a ldquocooperative conditionrdquo
ndash 估值问题
Evaluation issues
bull 如果知识产权没有作为对合营企业的出资知识产权也可许可给合营企业并收取使用费此类使用费可作为对合营企业的资本出资（在税收流失后）
If IP is not contributed to JV may also be licensed for royalty and the royalty payment may be
contributed to JV as capital (after tax leakage)
bull 对外商投资企业子公司的出资
Capital contributions to subsidiaries of the FIE
ndash 对于在中国设立的非控股公司作为母公司的外商投资企业无法以其注册资本向子公司进行投资
For non-holding companies set up in China investment into subsidiaries cannot come from parent FIErsquos
registered capital
ndash 控股公司的特别规则 ndash 近期的外管局问题
Special rules for holding companies ndash recent SAFE issues
18
5 知识产权许可保护 IP Licensing Protection
bull 哪些知识产权技术作为出资转让或许可给合营企业
What IPtechnology gets contributedlicensed into the JV
bull 哪一方拥有对合营各方投入技术所作的改进
Who owns improvements made to each parentrsquos input technology
bull 合营各方及合营企业间是否存在对于技术改进的回授许可安排
Will there be license grant-backs among parents and JV for improvements
bull 许可的范围多广是否仅限于合营企业的经营范围
What will be the field of use for the license agreement - tied to JVrsquos business scope
bull 合营企业破产或解散后其知识产权技术如何处理
What happens to the JVrsquos IPtechnology upon bankruptcy or dissolution of the JV
bull 在哪些情况下合营一方可终止其技术许可
Under what circumstances can the technology license from a parent be terminated by such parent
bull 技术许可终止时合营各方根据相关协议仍将保留哪些权利
Upon such termination what surviving rights if any will the parties have under the agreement
19
6 税收考虑 Tax Considerations
bull 影响税收结构安排的ldquo大范围rdquo考虑因素
ldquoBig picturerdquo considerations that influence the tax structuring include
- 先前与跨国合营企业的相关经验
Prior experience with cross-border JVs
- 全球整体的税收和税收合规战略
Overall global tax and tax compliance strategy
- 风险状况
Risk profile
- 合营企业所取得收益的性质
Nature of the income to be earned by the JV
- 适用的税收条约
Applicable tax treaties
- 与知识产权相关的税收问题
IP-related tax issues
bull 合营各方需妥协
Parties may need to compromise
- 从中方外方母国和全球角度而言最为有效的结构安排
Structure has to be the most efficient from a Chinese Foreign home country and global perspective
bull 随着全球税收制度的日益严格以及税收执法力度的日益加强在结构安排时应尽可能地保留灵活性
Structure should strive to preserve flexibility as tax regimes around the world tighten and tax enforcement becomes
more aggressive
20
7 与国企合作的有关问题 SOE Issues
bull 执行问题
Enforcement concerns
bull 国有资产和股权
State-owned assets and equity interests
ndash 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行
Transfers must be conducted via auction or public bidding at a public asset exchange center designated by
SASAC
ndash 此要求针对从建筑物机械等有形资产到股权土地使用权知识产权等无形资产的多种资产
Required for broad range of assets from tangible assets like buildings and machines to intangible assets
such as equity interests land use rights and intellectual property
ndash 适用于国家完全或部分拥有的资产国资委具有宽泛的裁量权
Applies to assets owned entirely or in part by the State SASAC has broad discretion
ndash 须由具有资质的评估人进行评估
Appraisal required by qualified appraiser
ndash 除非经国资委另行批准转让价格须高于或等于估定价值的90
Transfer price must be greater than or equal to 90 of appraised value unless otherwise approved by
SASAC
bull 政府鼓励投资政策及优惠
Government incentives
21
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
中外战略合作在中国的演变（68）
Evolution of Joint Ventures in China (68)
bull 境内战略合作 Onshore Strategic Joint Venture
境外 Offshore
中国 China
外国公司
Foreign Company
特点 Characteristics
bull 中国公司尚不具有征服世界的决心
Chinese companies not out to conquer the
world
bull 就ldquoA级rdquo产品ndash中国公司指望以中国市场换取先进技术
For ldquoGrade Ardquo products ndash Chinese
companies looking to trade China market in
exchange for modern technology
bull 就ldquoB级rdquo产品ndash外国公司可从其中国合作方学到一些窍门
For ldquoGrade Brdquo products ndash Foreign
companies may have things to learn from
their Chinese counterparts
中国公司
Chinese Company
合营企业
Joint Venture 现金 Cash
陈旧技术 Older Technology
进入中国市场 China Market Access
土地 Land
劳动力 Employees
现金 Cash
技术 Technology
外国专有技术 Foreign Know-how
国外市场 Foreign Market
7
中外战略合作在中国的演变（78）
Evolution of Joint Ventures in China (78)
bull 全球战略合作 Global Strategic Joint Venture
外国公司
Foreign Company
特点 Characteristics
bull 不仅局限于境内ndash由于中国公司拥有外国公司的少数股权而形成全球关系 Not just onshore ndash a global relationship as
Chinese company takes a minority interest in
foreign company
bull 使中国公司共同投资共担风险 Provides Chinese company with skin in the
game
bull 有时带来中国投资的免费资金 Free money to pay for China investment
bull 具体案例 Some known examples
- 上海ndash通用汽车 SAIC ndash GM
- 如意ndashRenown Ruyi - Renown
中国公司
Chinese Company
合营企业
Joint Venture
对中国投资
Investment into China
8
少数战略股权
Minority but
Strategic
Interest
境外 Offshore
中国 China
中外战略合作在中国的演变（88）
Evolution of Joint Ventures in China (88)
bull 全球战略合作 Global Strategic Joint Venture
案例 Case Renown Shandong Ruyi Group (山東如意集団) (20105)
山东如意集团
Shandong Ruyi Group
Renown
通过第三方配股获得4118
的股份 （仍为上市公司） 4118 through
third party allotment
(still listed)
新合营企业
（中国） New Joint Venture
(China) 品牌 Brand
Renown的优势 Renownrsquos strengths
bull 产品规划设计和质控 Product planning design
bull 店铺设计 Shop design
bull 零售商店运作的专有知识 Know-how on operation of
retail shops
bull 广告促销 Advertisement promotion
如意的优势 Ruyirsquos strengths
bull 原材料采购 Sourcing materials
bull 生产（高质量低成本） Production
(high quality cost efficient)
bull 零售商店在中国的开发和运作
Development and operation of retail
shops in China
目的 Purposes
bull 完善资产负债表 Improve the
balance sheet
bull 降低产品成本提高盈利能力
Reduce product cost and improve
profitability
bull 建立在亚洲的销售网络
bull Establish sales network in Asia
协同效应
Synergies
9
驱动跨国公司与中国企业之间战略合作的关键因素
Key Drivers for Strategic JVs between Multinationals and Chinese Companies
bull 在全球经济放缓背景下中国市场依然高成长
Importance of the high-growth Chinese market in light of the global economic slowdown
minus 一些在美国拥有成熟技术的夕阳产业被视为中国的朝阳产业
Some sunset industries with mature technology in the US considered sunrise industries in China
bull 中国ldquo用市场换技术rdquo的战略（一般是当代技术）
Chinarsquos strategy of trading market for technology (typically current generation technology)
minus 跨国公司是否愿意取决于机会的大小
Willingness of multinationals depend on size of the opportunity
minus 在开发新一代技术时跨国公司仍然拥有其在创新文化中的优势
Multinationals still hold advantage in their innovative culture in developing next generation of technology
bull 中国的高流动性（部分由于美国的定量宽松政策）
High liquidity in China (partly as a result of the quantitative easings in the US)
10
11
中国公司ldquo走出去rdquo法律制度方面的一些挑战
Challenges of Offshore Legal Environment for Chinese Companies
bull 有些中国公司习惯于接受大量政府扶持不适应市场规则
Some Chinese companies have grown accustomed to overwhelming government support
bull 缺少当地社区的支持
Lack of access to and support from local communities
bull 当地诉讼文化
Litigation culture
bull 环保合规成本高 ndash 通常承担连带责任而不是谁污染谁负责
Environmental compliance ndash ldquosuperfundrdquo vs ldquopolluter paysrdquo
bull 外国投资审查
Foreign investment approval
战略合作的十大法律问题 Top 10 Legal Issues for JVs
1 投资结构 ndash 境外境内合营合资企业合作企业或股份公司
Investment Structurendash Offshore Onshore JV EJV CJV or Joint Stock Company
2 控制权问题
Control Issues
3 出口进口管制问题
Export Import Control Issues
4 出资
Capital Contributions
5 知识产权许可保护
IP Licensing Protection
6 税收考虑
Tax Considerations
7 与国企合作的有关问题
SOE Issues
8 避免同业竞争
Non-compete
9 争议解决
Dispute Resolution
10 退出策略
Exit Strategy
12
1 投资结构 Investment Structure (12)
bull 境外合营的优点 Advantages of Offshore JVs
ndash 以境外上市作为退出机制（比境内上市更为灵活）
Offshore listing as exit (more flexible than onshore listing)
ndash 容易安排员工持股计划
Easy to structure ESOP
ndash 境内外的融资选择更为灵活
More flexible financing options onshore and offshore
ndash 使用股份作为未来融资收购的ldquo货币rdquo Use of stock as ldquocurrencyrdquo for future financingacquisition
ndash 公司文件的保密性
Confidentiality of corporate documents
bull 境外合营的缺点 Disadvantages of Offshore JVs
ndash 中国相关机构的审批风险
Chinese approval risks
ndash 参与政府采购的潜在不利因素
Possible disadvantage in participating in government procurement
ndash 未来的境内投资需得到中国相关机构批准
Future onshore investments subject to Chinese approval
ndash 在合营企业收购美国资产时需向美国外国投资委员会申报
CFIUS approval if JV to acquire US assets
13
14
bull （境内）合资经营企业 (Onshore) Equity Joint Ventures
ndash 利润分配通常按股权比例（投入的注册资本）进行 Profits generally split proportionally to equity investment (registered capital ownership)
ndash 董事会席位的分配通常也按股权比例进行 Board seats also split proportionally to equity investment
ndash 可预测性 - 法律和实践操作较为成熟 Predictability ndash more established laws and practices
bull （境内）合作经营企业 (Onshore) Cooperative Joint Ventures
ndash 利润分配更灵活 More flexibility in distributing profits
ndash 管理和控制更灵活 More flexibility in management and control
ndash 在合营各方的出资难以量化时往往使用该结构例如市场进入 Often a useful form of joint venture where partiesrsquo contributions are harder to quantify eg market access
ndash 与合资企业相比审批机构对合作企业的审查更为严格 Approval authorities will likely scrutinize CJVs more than EJVs
bull （境内）股份公司 (Onshore) Joint Stock Companies
ndash 无法定的小股东保护（控制权的灵活性）
No statutory minority protection (flexibility in control)
ndash 在获取国际外债时需外汇管理机构审批
Need foreign exchange authority approval for taking on international debt
ndash 可能以国内上市作为退出机制
Possible domestic listing as exit strategy
1 投资结构 Investment Structure (12)
2 控制权问题 Control Issues (12)
bull 有时谁能根据美国通用会计准则中国通用会计准则进行会计报表的合并成为决定因素
Sometimes driven by who may consolidate under US GAAP PRC GAAP
bull 常常需要经过艰苦的谈判
Often heavily negotiated
ndash 特别是非控制一方获得否决权时
Especially negative controls (ie ldquoveto rightsrdquo) afforded to party not in control
bull 在合营各方都没有控制权情况下的僵局问题
Deadlock concerns if neither party controls
bull 对合资企业而言 董事会席位通常根据所有权比例来确定但谁来任命董事长总经理
For EJV board seats generally determined by ownership percentage but who will appoint chairman general
manager
bull 法定代表人
The Legal Rep
ndash 通常是董事长但取决于不同的司法管辖区也可能是总经理
Generally the Chairman but possibly GM depending on jurisdiction
ndash 负有代表合营企业行事的责任和权力
Has primary responsibility and power to act on behalf of the JV
ndash 法定代表人有权代表合资企业签订协议
Apparent authority to sign on behalf of JV
ndash 考虑在卸任后归还印章
ndash Consider having Legal Rep enter into agreement to return chop upon termination
15
2 控制权问题 Control Issues (22)
bull 公司印章 Enterprise ChopsSeals
ndash 企业公章 Official Enterprise Chop
ndash 法定代表人章 Legal Representative Chop
ndash 财务及其他印章
Finance and Other Seals
bull 对签订合同的权限实施控制 Implementing control over contracting authority
ndash 制定印章使用方面的条例和程序
Formulate rules and procedures for use of seals
ndash 将法定代表人的印鉴在政府机关备案
File specimen of Legal Representative Chop with public authorities
ndash 印章的使用需要特别授权（如董事会决议）
Require specific authorization (eg Board resolution) for use of seals
16
3 出口进口管制问题 ExportImport Control Issues
bull 中国技术进口出口问题
China Technology ImportExport Issues
ndash 进口和出口技术均分为三大类禁止类限制类和允许类管理的方式均不同
Both import and export technology are classified into three categories prohibited restricted and permitted which are
regulated differently
ndash 合同条款的若干法定限制包括
Several statutory limitations on contractual terms including
bull 强制保证 ndash 外国许可方必须确保
Mandatory Warranties ndash foreign licensor must guarantee that
ndash 其是技术的合法所有人或者有权授予技术许可
It is the legal owner of or the party with the right to license the technology
ndash 必须承担因被许可方使用被许可技术所产生的任何侵权责任
Must bear responsibility for any infringement liability resulting from licenseersquos use of the licensed technology
ndash 许可技术是ldquo完整无差错有效并能产生预期结果的rdquo The licensed technology is ldquocomplete error-free effective and able to achieve the intended resultsrdquo
bull 改进
Improvements
ndash 在协议有效期内改进属于改进方
During the term of the agreement improvements must be owned by the improving party
ndash 无法限制中方被许可方进行被许可技术的改进
Chinese licensee cannot be restricted from improving the licensed technology
bull 外方本国法律的适用性
Applicability of Foreign partyrsquos home country laws
ndash 例如美国对技术的出口管制问题
Eg US Export Control Issues on Technology
bull 许可要求取决于该技术的技术特点目的地最终用户和最终用途
License requirements are dependent upon an itemrsquos technical characteristics the destination the end-user and the end-use
17
4 出资 Capital Contributions
bull 现金出资
Cash contributions
bull 以知识产权作为资本出资
Contributing intellectual property as capital
ndash 就合资企业而言必须以所有权转让的形式
For EJV must be in the form of ownership transfer
ndash 就合作企业而言技术许可可作为ldquo合作条件rdquo
For CJV a technology license might form a ldquocooperative conditionrdquo
ndash 估值问题
Evaluation issues
bull 如果知识产权没有作为对合营企业的出资知识产权也可许可给合营企业并收取使用费此类使用费可作为对合营企业的资本出资（在税收流失后）
If IP is not contributed to JV may also be licensed for royalty and the royalty payment may be
contributed to JV as capital (after tax leakage)
bull 对外商投资企业子公司的出资
Capital contributions to subsidiaries of the FIE
ndash 对于在中国设立的非控股公司作为母公司的外商投资企业无法以其注册资本向子公司进行投资
For non-holding companies set up in China investment into subsidiaries cannot come from parent FIErsquos
registered capital
ndash 控股公司的特别规则 ndash 近期的外管局问题
Special rules for holding companies ndash recent SAFE issues
18
5 知识产权许可保护 IP Licensing Protection
bull 哪些知识产权技术作为出资转让或许可给合营企业
What IPtechnology gets contributedlicensed into the JV
bull 哪一方拥有对合营各方投入技术所作的改进
Who owns improvements made to each parentrsquos input technology
bull 合营各方及合营企业间是否存在对于技术改进的回授许可安排
Will there be license grant-backs among parents and JV for improvements
bull 许可的范围多广是否仅限于合营企业的经营范围
What will be the field of use for the license agreement - tied to JVrsquos business scope
bull 合营企业破产或解散后其知识产权技术如何处理
What happens to the JVrsquos IPtechnology upon bankruptcy or dissolution of the JV
bull 在哪些情况下合营一方可终止其技术许可
Under what circumstances can the technology license from a parent be terminated by such parent
bull 技术许可终止时合营各方根据相关协议仍将保留哪些权利
Upon such termination what surviving rights if any will the parties have under the agreement
19
6 税收考虑 Tax Considerations
bull 影响税收结构安排的ldquo大范围rdquo考虑因素
ldquoBig picturerdquo considerations that influence the tax structuring include
- 先前与跨国合营企业的相关经验
Prior experience with cross-border JVs
- 全球整体的税收和税收合规战略
Overall global tax and tax compliance strategy
- 风险状况
Risk profile
- 合营企业所取得收益的性质
Nature of the income to be earned by the JV
- 适用的税收条约
Applicable tax treaties
- 与知识产权相关的税收问题
IP-related tax issues
bull 合营各方需妥协
Parties may need to compromise
- 从中方外方母国和全球角度而言最为有效的结构安排
Structure has to be the most efficient from a Chinese Foreign home country and global perspective
bull 随着全球税收制度的日益严格以及税收执法力度的日益加强在结构安排时应尽可能地保留灵活性
Structure should strive to preserve flexibility as tax regimes around the world tighten and tax enforcement becomes
more aggressive
20
7 与国企合作的有关问题 SOE Issues
bull 执行问题
Enforcement concerns
bull 国有资产和股权
State-owned assets and equity interests
ndash 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行
Transfers must be conducted via auction or public bidding at a public asset exchange center designated by
SASAC
ndash 此要求针对从建筑物机械等有形资产到股权土地使用权知识产权等无形资产的多种资产
Required for broad range of assets from tangible assets like buildings and machines to intangible assets
such as equity interests land use rights and intellectual property
ndash 适用于国家完全或部分拥有的资产国资委具有宽泛的裁量权
Applies to assets owned entirely or in part by the State SASAC has broad discretion
ndash 须由具有资质的评估人进行评估
Appraisal required by qualified appraiser
ndash 除非经国资委另行批准转让价格须高于或等于估定价值的90
Transfer price must be greater than or equal to 90 of appraised value unless otherwise approved by
SASAC
bull 政府鼓励投资政策及优惠
Government incentives
21
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
中外战略合作在中国的演变（78）
Evolution of Joint Ventures in China (78)
bull 全球战略合作 Global Strategic Joint Venture
外国公司
Foreign Company
特点 Characteristics
bull 不仅局限于境内ndash由于中国公司拥有外国公司的少数股权而形成全球关系 Not just onshore ndash a global relationship as
Chinese company takes a minority interest in
foreign company
bull 使中国公司共同投资共担风险 Provides Chinese company with skin in the
game
bull 有时带来中国投资的免费资金 Free money to pay for China investment
bull 具体案例 Some known examples
- 上海ndash通用汽车 SAIC ndash GM
- 如意ndashRenown Ruyi - Renown
中国公司
Chinese Company
合营企业
Joint Venture
对中国投资
Investment into China
8
少数战略股权
Minority but
Strategic
Interest
境外 Offshore
中国 China
中外战略合作在中国的演变（88）
Evolution of Joint Ventures in China (88)
bull 全球战略合作 Global Strategic Joint Venture
案例 Case Renown Shandong Ruyi Group (山東如意集団) (20105)
山东如意集团
Shandong Ruyi Group
Renown
通过第三方配股获得4118
的股份 （仍为上市公司） 4118 through
third party allotment
(still listed)
新合营企业
（中国） New Joint Venture
(China) 品牌 Brand
Renown的优势 Renownrsquos strengths
bull 产品规划设计和质控 Product planning design
bull 店铺设计 Shop design
bull 零售商店运作的专有知识 Know-how on operation of
retail shops
bull 广告促销 Advertisement promotion
如意的优势 Ruyirsquos strengths
bull 原材料采购 Sourcing materials
bull 生产（高质量低成本） Production
(high quality cost efficient)
bull 零售商店在中国的开发和运作
Development and operation of retail
shops in China
目的 Purposes
bull 完善资产负债表 Improve the
balance sheet
bull 降低产品成本提高盈利能力
Reduce product cost and improve
profitability
bull 建立在亚洲的销售网络
bull Establish sales network in Asia
协同效应
Synergies
9
驱动跨国公司与中国企业之间战略合作的关键因素
Key Drivers for Strategic JVs between Multinationals and Chinese Companies
bull 在全球经济放缓背景下中国市场依然高成长
Importance of the high-growth Chinese market in light of the global economic slowdown
minus 一些在美国拥有成熟技术的夕阳产业被视为中国的朝阳产业
Some sunset industries with mature technology in the US considered sunrise industries in China
bull 中国ldquo用市场换技术rdquo的战略（一般是当代技术）
Chinarsquos strategy of trading market for technology (typically current generation technology)
minus 跨国公司是否愿意取决于机会的大小
Willingness of multinationals depend on size of the opportunity
minus 在开发新一代技术时跨国公司仍然拥有其在创新文化中的优势
Multinationals still hold advantage in their innovative culture in developing next generation of technology
bull 中国的高流动性（部分由于美国的定量宽松政策）
High liquidity in China (partly as a result of the quantitative easings in the US)
10
11
中国公司ldquo走出去rdquo法律制度方面的一些挑战
Challenges of Offshore Legal Environment for Chinese Companies
bull 有些中国公司习惯于接受大量政府扶持不适应市场规则
Some Chinese companies have grown accustomed to overwhelming government support
bull 缺少当地社区的支持
Lack of access to and support from local communities
bull 当地诉讼文化
Litigation culture
bull 环保合规成本高 ndash 通常承担连带责任而不是谁污染谁负责
Environmental compliance ndash ldquosuperfundrdquo vs ldquopolluter paysrdquo
bull 外国投资审查
Foreign investment approval
战略合作的十大法律问题 Top 10 Legal Issues for JVs
1 投资结构 ndash 境外境内合营合资企业合作企业或股份公司
Investment Structurendash Offshore Onshore JV EJV CJV or Joint Stock Company
2 控制权问题
Control Issues
3 出口进口管制问题
Export Import Control Issues
4 出资
Capital Contributions
5 知识产权许可保护
IP Licensing Protection
6 税收考虑
Tax Considerations
7 与国企合作的有关问题
SOE Issues
8 避免同业竞争
Non-compete
9 争议解决
Dispute Resolution
10 退出策略
Exit Strategy
12
1 投资结构 Investment Structure (12)
bull 境外合营的优点 Advantages of Offshore JVs
ndash 以境外上市作为退出机制（比境内上市更为灵活）
Offshore listing as exit (more flexible than onshore listing)
ndash 容易安排员工持股计划
Easy to structure ESOP
ndash 境内外的融资选择更为灵活
More flexible financing options onshore and offshore
ndash 使用股份作为未来融资收购的ldquo货币rdquo Use of stock as ldquocurrencyrdquo for future financingacquisition
ndash 公司文件的保密性
Confidentiality of corporate documents
bull 境外合营的缺点 Disadvantages of Offshore JVs
ndash 中国相关机构的审批风险
Chinese approval risks
ndash 参与政府采购的潜在不利因素
Possible disadvantage in participating in government procurement
ndash 未来的境内投资需得到中国相关机构批准
Future onshore investments subject to Chinese approval
ndash 在合营企业收购美国资产时需向美国外国投资委员会申报
CFIUS approval if JV to acquire US assets
13
14
bull （境内）合资经营企业 (Onshore) Equity Joint Ventures
ndash 利润分配通常按股权比例（投入的注册资本）进行 Profits generally split proportionally to equity investment (registered capital ownership)
ndash 董事会席位的分配通常也按股权比例进行 Board seats also split proportionally to equity investment
ndash 可预测性 - 法律和实践操作较为成熟 Predictability ndash more established laws and practices
bull （境内）合作经营企业 (Onshore) Cooperative Joint Ventures
ndash 利润分配更灵活 More flexibility in distributing profits
ndash 管理和控制更灵活 More flexibility in management and control
ndash 在合营各方的出资难以量化时往往使用该结构例如市场进入 Often a useful form of joint venture where partiesrsquo contributions are harder to quantify eg market access
ndash 与合资企业相比审批机构对合作企业的审查更为严格 Approval authorities will likely scrutinize CJVs more than EJVs
bull （境内）股份公司 (Onshore) Joint Stock Companies
ndash 无法定的小股东保护（控制权的灵活性）
No statutory minority protection (flexibility in control)
ndash 在获取国际外债时需外汇管理机构审批
Need foreign exchange authority approval for taking on international debt
ndash 可能以国内上市作为退出机制
Possible domestic listing as exit strategy
1 投资结构 Investment Structure (12)
2 控制权问题 Control Issues (12)
bull 有时谁能根据美国通用会计准则中国通用会计准则进行会计报表的合并成为决定因素
Sometimes driven by who may consolidate under US GAAP PRC GAAP
bull 常常需要经过艰苦的谈判
Often heavily negotiated
ndash 特别是非控制一方获得否决权时
Especially negative controls (ie ldquoveto rightsrdquo) afforded to party not in control
bull 在合营各方都没有控制权情况下的僵局问题
Deadlock concerns if neither party controls
bull 对合资企业而言 董事会席位通常根据所有权比例来确定但谁来任命董事长总经理
For EJV board seats generally determined by ownership percentage but who will appoint chairman general
manager
bull 法定代表人
The Legal Rep
ndash 通常是董事长但取决于不同的司法管辖区也可能是总经理
Generally the Chairman but possibly GM depending on jurisdiction
ndash 负有代表合营企业行事的责任和权力
Has primary responsibility and power to act on behalf of the JV
ndash 法定代表人有权代表合资企业签订协议
Apparent authority to sign on behalf of JV
ndash 考虑在卸任后归还印章
ndash Consider having Legal Rep enter into agreement to return chop upon termination
15
2 控制权问题 Control Issues (22)
bull 公司印章 Enterprise ChopsSeals
ndash 企业公章 Official Enterprise Chop
ndash 法定代表人章 Legal Representative Chop
ndash 财务及其他印章
Finance and Other Seals
bull 对签订合同的权限实施控制 Implementing control over contracting authority
ndash 制定印章使用方面的条例和程序
Formulate rules and procedures for use of seals
ndash 将法定代表人的印鉴在政府机关备案
File specimen of Legal Representative Chop with public authorities
ndash 印章的使用需要特别授权（如董事会决议）
Require specific authorization (eg Board resolution) for use of seals
16
3 出口进口管制问题 ExportImport Control Issues
bull 中国技术进口出口问题
China Technology ImportExport Issues
ndash 进口和出口技术均分为三大类禁止类限制类和允许类管理的方式均不同
Both import and export technology are classified into three categories prohibited restricted and permitted which are
regulated differently
ndash 合同条款的若干法定限制包括
Several statutory limitations on contractual terms including
bull 强制保证 ndash 外国许可方必须确保
Mandatory Warranties ndash foreign licensor must guarantee that
ndash 其是技术的合法所有人或者有权授予技术许可
It is the legal owner of or the party with the right to license the technology
ndash 必须承担因被许可方使用被许可技术所产生的任何侵权责任
Must bear responsibility for any infringement liability resulting from licenseersquos use of the licensed technology
ndash 许可技术是ldquo完整无差错有效并能产生预期结果的rdquo The licensed technology is ldquocomplete error-free effective and able to achieve the intended resultsrdquo
bull 改进
Improvements
ndash 在协议有效期内改进属于改进方
During the term of the agreement improvements must be owned by the improving party
ndash 无法限制中方被许可方进行被许可技术的改进
Chinese licensee cannot be restricted from improving the licensed technology
bull 外方本国法律的适用性
Applicability of Foreign partyrsquos home country laws
ndash 例如美国对技术的出口管制问题
Eg US Export Control Issues on Technology
bull 许可要求取决于该技术的技术特点目的地最终用户和最终用途
License requirements are dependent upon an itemrsquos technical characteristics the destination the end-user and the end-use
17
4 出资 Capital Contributions
bull 现金出资
Cash contributions
bull 以知识产权作为资本出资
Contributing intellectual property as capital
ndash 就合资企业而言必须以所有权转让的形式
For EJV must be in the form of ownership transfer
ndash 就合作企业而言技术许可可作为ldquo合作条件rdquo
For CJV a technology license might form a ldquocooperative conditionrdquo
ndash 估值问题
Evaluation issues
bull 如果知识产权没有作为对合营企业的出资知识产权也可许可给合营企业并收取使用费此类使用费可作为对合营企业的资本出资（在税收流失后）
If IP is not contributed to JV may also be licensed for royalty and the royalty payment may be
contributed to JV as capital (after tax leakage)
bull 对外商投资企业子公司的出资
Capital contributions to subsidiaries of the FIE
ndash 对于在中国设立的非控股公司作为母公司的外商投资企业无法以其注册资本向子公司进行投资
For non-holding companies set up in China investment into subsidiaries cannot come from parent FIErsquos
registered capital
ndash 控股公司的特别规则 ndash 近期的外管局问题
Special rules for holding companies ndash recent SAFE issues
18
5 知识产权许可保护 IP Licensing Protection
bull 哪些知识产权技术作为出资转让或许可给合营企业
What IPtechnology gets contributedlicensed into the JV
bull 哪一方拥有对合营各方投入技术所作的改进
Who owns improvements made to each parentrsquos input technology
bull 合营各方及合营企业间是否存在对于技术改进的回授许可安排
Will there be license grant-backs among parents and JV for improvements
bull 许可的范围多广是否仅限于合营企业的经营范围
What will be the field of use for the license agreement - tied to JVrsquos business scope
bull 合营企业破产或解散后其知识产权技术如何处理
What happens to the JVrsquos IPtechnology upon bankruptcy or dissolution of the JV
bull 在哪些情况下合营一方可终止其技术许可
Under what circumstances can the technology license from a parent be terminated by such parent
bull 技术许可终止时合营各方根据相关协议仍将保留哪些权利
Upon such termination what surviving rights if any will the parties have under the agreement
19
6 税收考虑 Tax Considerations
bull 影响税收结构安排的ldquo大范围rdquo考虑因素
ldquoBig picturerdquo considerations that influence the tax structuring include
- 先前与跨国合营企业的相关经验
Prior experience with cross-border JVs
- 全球整体的税收和税收合规战略
Overall global tax and tax compliance strategy
- 风险状况
Risk profile
- 合营企业所取得收益的性质
Nature of the income to be earned by the JV
- 适用的税收条约
Applicable tax treaties
- 与知识产权相关的税收问题
IP-related tax issues
bull 合营各方需妥协
Parties may need to compromise
- 从中方外方母国和全球角度而言最为有效的结构安排
Structure has to be the most efficient from a Chinese Foreign home country and global perspective
bull 随着全球税收制度的日益严格以及税收执法力度的日益加强在结构安排时应尽可能地保留灵活性
Structure should strive to preserve flexibility as tax regimes around the world tighten and tax enforcement becomes
more aggressive
20
7 与国企合作的有关问题 SOE Issues
bull 执行问题
Enforcement concerns
bull 国有资产和股权
State-owned assets and equity interests
ndash 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行
Transfers must be conducted via auction or public bidding at a public asset exchange center designated by
SASAC
ndash 此要求针对从建筑物机械等有形资产到股权土地使用权知识产权等无形资产的多种资产
Required for broad range of assets from tangible assets like buildings and machines to intangible assets
such as equity interests land use rights and intellectual property
ndash 适用于国家完全或部分拥有的资产国资委具有宽泛的裁量权
Applies to assets owned entirely or in part by the State SASAC has broad discretion
ndash 须由具有资质的评估人进行评估
Appraisal required by qualified appraiser
ndash 除非经国资委另行批准转让价格须高于或等于估定价值的90
Transfer price must be greater than or equal to 90 of appraised value unless otherwise approved by
SASAC
bull 政府鼓励投资政策及优惠
Government incentives
21
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
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United States
T +1-213-430-6000
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恒隆广场1号楼37层
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T +86-21-2307-7000
F +86-21-2307-7300
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22-0102 Republic Plaza 1
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T +65 6593 1800
F +65 6593 1801
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Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
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326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
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干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
中外战略合作在中国的演变（88）
Evolution of Joint Ventures in China (88)
bull 全球战略合作 Global Strategic Joint Venture
案例 Case Renown Shandong Ruyi Group (山東如意集団) (20105)
山东如意集团
Shandong Ruyi Group
Renown
通过第三方配股获得4118
的股份 （仍为上市公司） 4118 through
third party allotment
(still listed)
新合营企业
（中国） New Joint Venture
(China) 品牌 Brand
Renown的优势 Renownrsquos strengths
bull 产品规划设计和质控 Product planning design
bull 店铺设计 Shop design
bull 零售商店运作的专有知识 Know-how on operation of
retail shops
bull 广告促销 Advertisement promotion
如意的优势 Ruyirsquos strengths
bull 原材料采购 Sourcing materials
bull 生产（高质量低成本） Production
(high quality cost efficient)
bull 零售商店在中国的开发和运作
Development and operation of retail
shops in China
目的 Purposes
bull 完善资产负债表 Improve the
balance sheet
bull 降低产品成本提高盈利能力
Reduce product cost and improve
profitability
bull 建立在亚洲的销售网络
bull Establish sales network in Asia
协同效应
Synergies
9
驱动跨国公司与中国企业之间战略合作的关键因素
Key Drivers for Strategic JVs between Multinationals and Chinese Companies
bull 在全球经济放缓背景下中国市场依然高成长
Importance of the high-growth Chinese market in light of the global economic slowdown
minus 一些在美国拥有成熟技术的夕阳产业被视为中国的朝阳产业
Some sunset industries with mature technology in the US considered sunrise industries in China
bull 中国ldquo用市场换技术rdquo的战略（一般是当代技术）
Chinarsquos strategy of trading market for technology (typically current generation technology)
minus 跨国公司是否愿意取决于机会的大小
Willingness of multinationals depend on size of the opportunity
minus 在开发新一代技术时跨国公司仍然拥有其在创新文化中的优势
Multinationals still hold advantage in their innovative culture in developing next generation of technology
bull 中国的高流动性（部分由于美国的定量宽松政策）
High liquidity in China (partly as a result of the quantitative easings in the US)
10
11
中国公司ldquo走出去rdquo法律制度方面的一些挑战
Challenges of Offshore Legal Environment for Chinese Companies
bull 有些中国公司习惯于接受大量政府扶持不适应市场规则
Some Chinese companies have grown accustomed to overwhelming government support
bull 缺少当地社区的支持
Lack of access to and support from local communities
bull 当地诉讼文化
Litigation culture
bull 环保合规成本高 ndash 通常承担连带责任而不是谁污染谁负责
Environmental compliance ndash ldquosuperfundrdquo vs ldquopolluter paysrdquo
bull 外国投资审查
Foreign investment approval
战略合作的十大法律问题 Top 10 Legal Issues for JVs
1 投资结构 ndash 境外境内合营合资企业合作企业或股份公司
Investment Structurendash Offshore Onshore JV EJV CJV or Joint Stock Company
2 控制权问题
Control Issues
3 出口进口管制问题
Export Import Control Issues
4 出资
Capital Contributions
5 知识产权许可保护
IP Licensing Protection
6 税收考虑
Tax Considerations
7 与国企合作的有关问题
SOE Issues
8 避免同业竞争
Non-compete
9 争议解决
Dispute Resolution
10 退出策略
Exit Strategy
12
1 投资结构 Investment Structure (12)
bull 境外合营的优点 Advantages of Offshore JVs
ndash 以境外上市作为退出机制（比境内上市更为灵活）
Offshore listing as exit (more flexible than onshore listing)
ndash 容易安排员工持股计划
Easy to structure ESOP
ndash 境内外的融资选择更为灵活
More flexible financing options onshore and offshore
ndash 使用股份作为未来融资收购的ldquo货币rdquo Use of stock as ldquocurrencyrdquo for future financingacquisition
ndash 公司文件的保密性
Confidentiality of corporate documents
bull 境外合营的缺点 Disadvantages of Offshore JVs
ndash 中国相关机构的审批风险
Chinese approval risks
ndash 参与政府采购的潜在不利因素
Possible disadvantage in participating in government procurement
ndash 未来的境内投资需得到中国相关机构批准
Future onshore investments subject to Chinese approval
ndash 在合营企业收购美国资产时需向美国外国投资委员会申报
CFIUS approval if JV to acquire US assets
13
14
bull （境内）合资经营企业 (Onshore) Equity Joint Ventures
ndash 利润分配通常按股权比例（投入的注册资本）进行 Profits generally split proportionally to equity investment (registered capital ownership)
ndash 董事会席位的分配通常也按股权比例进行 Board seats also split proportionally to equity investment
ndash 可预测性 - 法律和实践操作较为成熟 Predictability ndash more established laws and practices
bull （境内）合作经营企业 (Onshore) Cooperative Joint Ventures
ndash 利润分配更灵活 More flexibility in distributing profits
ndash 管理和控制更灵活 More flexibility in management and control
ndash 在合营各方的出资难以量化时往往使用该结构例如市场进入 Often a useful form of joint venture where partiesrsquo contributions are harder to quantify eg market access
ndash 与合资企业相比审批机构对合作企业的审查更为严格 Approval authorities will likely scrutinize CJVs more than EJVs
bull （境内）股份公司 (Onshore) Joint Stock Companies
ndash 无法定的小股东保护（控制权的灵活性）
No statutory minority protection (flexibility in control)
ndash 在获取国际外债时需外汇管理机构审批
Need foreign exchange authority approval for taking on international debt
ndash 可能以国内上市作为退出机制
Possible domestic listing as exit strategy
1 投资结构 Investment Structure (12)
2 控制权问题 Control Issues (12)
bull 有时谁能根据美国通用会计准则中国通用会计准则进行会计报表的合并成为决定因素
Sometimes driven by who may consolidate under US GAAP PRC GAAP
bull 常常需要经过艰苦的谈判
Often heavily negotiated
ndash 特别是非控制一方获得否决权时
Especially negative controls (ie ldquoveto rightsrdquo) afforded to party not in control
bull 在合营各方都没有控制权情况下的僵局问题
Deadlock concerns if neither party controls
bull 对合资企业而言 董事会席位通常根据所有权比例来确定但谁来任命董事长总经理
For EJV board seats generally determined by ownership percentage but who will appoint chairman general
manager
bull 法定代表人
The Legal Rep
ndash 通常是董事长但取决于不同的司法管辖区也可能是总经理
Generally the Chairman but possibly GM depending on jurisdiction
ndash 负有代表合营企业行事的责任和权力
Has primary responsibility and power to act on behalf of the JV
ndash 法定代表人有权代表合资企业签订协议
Apparent authority to sign on behalf of JV
ndash 考虑在卸任后归还印章
ndash Consider having Legal Rep enter into agreement to return chop upon termination
15
2 控制权问题 Control Issues (22)
bull 公司印章 Enterprise ChopsSeals
ndash 企业公章 Official Enterprise Chop
ndash 法定代表人章 Legal Representative Chop
ndash 财务及其他印章
Finance and Other Seals
bull 对签订合同的权限实施控制 Implementing control over contracting authority
ndash 制定印章使用方面的条例和程序
Formulate rules and procedures for use of seals
ndash 将法定代表人的印鉴在政府机关备案
File specimen of Legal Representative Chop with public authorities
ndash 印章的使用需要特别授权（如董事会决议）
Require specific authorization (eg Board resolution) for use of seals
16
3 出口进口管制问题 ExportImport Control Issues
bull 中国技术进口出口问题
China Technology ImportExport Issues
ndash 进口和出口技术均分为三大类禁止类限制类和允许类管理的方式均不同
Both import and export technology are classified into three categories prohibited restricted and permitted which are
regulated differently
ndash 合同条款的若干法定限制包括
Several statutory limitations on contractual terms including
bull 强制保证 ndash 外国许可方必须确保
Mandatory Warranties ndash foreign licensor must guarantee that
ndash 其是技术的合法所有人或者有权授予技术许可
It is the legal owner of or the party with the right to license the technology
ndash 必须承担因被许可方使用被许可技术所产生的任何侵权责任
Must bear responsibility for any infringement liability resulting from licenseersquos use of the licensed technology
ndash 许可技术是ldquo完整无差错有效并能产生预期结果的rdquo The licensed technology is ldquocomplete error-free effective and able to achieve the intended resultsrdquo
bull 改进
Improvements
ndash 在协议有效期内改进属于改进方
During the term of the agreement improvements must be owned by the improving party
ndash 无法限制中方被许可方进行被许可技术的改进
Chinese licensee cannot be restricted from improving the licensed technology
bull 外方本国法律的适用性
Applicability of Foreign partyrsquos home country laws
ndash 例如美国对技术的出口管制问题
Eg US Export Control Issues on Technology
bull 许可要求取决于该技术的技术特点目的地最终用户和最终用途
License requirements are dependent upon an itemrsquos technical characteristics the destination the end-user and the end-use
17
4 出资 Capital Contributions
bull 现金出资
Cash contributions
bull 以知识产权作为资本出资
Contributing intellectual property as capital
ndash 就合资企业而言必须以所有权转让的形式
For EJV must be in the form of ownership transfer
ndash 就合作企业而言技术许可可作为ldquo合作条件rdquo
For CJV a technology license might form a ldquocooperative conditionrdquo
ndash 估值问题
Evaluation issues
bull 如果知识产权没有作为对合营企业的出资知识产权也可许可给合营企业并收取使用费此类使用费可作为对合营企业的资本出资（在税收流失后）
If IP is not contributed to JV may also be licensed for royalty and the royalty payment may be
contributed to JV as capital (after tax leakage)
bull 对外商投资企业子公司的出资
Capital contributions to subsidiaries of the FIE
ndash 对于在中国设立的非控股公司作为母公司的外商投资企业无法以其注册资本向子公司进行投资
For non-holding companies set up in China investment into subsidiaries cannot come from parent FIErsquos
registered capital
ndash 控股公司的特别规则 ndash 近期的外管局问题
Special rules for holding companies ndash recent SAFE issues
18
5 知识产权许可保护 IP Licensing Protection
bull 哪些知识产权技术作为出资转让或许可给合营企业
What IPtechnology gets contributedlicensed into the JV
bull 哪一方拥有对合营各方投入技术所作的改进
Who owns improvements made to each parentrsquos input technology
bull 合营各方及合营企业间是否存在对于技术改进的回授许可安排
Will there be license grant-backs among parents and JV for improvements
bull 许可的范围多广是否仅限于合营企业的经营范围
What will be the field of use for the license agreement - tied to JVrsquos business scope
bull 合营企业破产或解散后其知识产权技术如何处理
What happens to the JVrsquos IPtechnology upon bankruptcy or dissolution of the JV
bull 在哪些情况下合营一方可终止其技术许可
Under what circumstances can the technology license from a parent be terminated by such parent
bull 技术许可终止时合营各方根据相关协议仍将保留哪些权利
Upon such termination what surviving rights if any will the parties have under the agreement
19
6 税收考虑 Tax Considerations
bull 影响税收结构安排的ldquo大范围rdquo考虑因素
ldquoBig picturerdquo considerations that influence the tax structuring include
- 先前与跨国合营企业的相关经验
Prior experience with cross-border JVs
- 全球整体的税收和税收合规战略
Overall global tax and tax compliance strategy
- 风险状况
Risk profile
- 合营企业所取得收益的性质
Nature of the income to be earned by the JV
- 适用的税收条约
Applicable tax treaties
- 与知识产权相关的税收问题
IP-related tax issues
bull 合营各方需妥协
Parties may need to compromise
- 从中方外方母国和全球角度而言最为有效的结构安排
Structure has to be the most efficient from a Chinese Foreign home country and global perspective
bull 随着全球税收制度的日益严格以及税收执法力度的日益加强在结构安排时应尽可能地保留灵活性
Structure should strive to preserve flexibility as tax regimes around the world tighten and tax enforcement becomes
more aggressive
20
7 与国企合作的有关问题 SOE Issues
bull 执行问题
Enforcement concerns
bull 国有资产和股权
State-owned assets and equity interests
ndash 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行
Transfers must be conducted via auction or public bidding at a public asset exchange center designated by
SASAC
ndash 此要求针对从建筑物机械等有形资产到股权土地使用权知识产权等无形资产的多种资产
Required for broad range of assets from tangible assets like buildings and machines to intangible assets
such as equity interests land use rights and intellectual property
ndash 适用于国家完全或部分拥有的资产国资委具有宽泛的裁量权
Applies to assets owned entirely or in part by the State SASAC has broad discretion
ndash 须由具有资质的评估人进行评估
Appraisal required by qualified appraiser
ndash 除非经国资委另行批准转让价格须高于或等于估定价值的90
Transfer price must be greater than or equal to 90 of appraised value unless otherwise approved by
SASAC
bull 政府鼓励投资政策及优惠
Government incentives
21
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
驱动跨国公司与中国企业之间战略合作的关键因素
Key Drivers for Strategic JVs between Multinationals and Chinese Companies
bull 在全球经济放缓背景下中国市场依然高成长
Importance of the high-growth Chinese market in light of the global economic slowdown
minus 一些在美国拥有成熟技术的夕阳产业被视为中国的朝阳产业
Some sunset industries with mature technology in the US considered sunrise industries in China
bull 中国ldquo用市场换技术rdquo的战略（一般是当代技术）
Chinarsquos strategy of trading market for technology (typically current generation technology)
minus 跨国公司是否愿意取决于机会的大小
Willingness of multinationals depend on size of the opportunity
minus 在开发新一代技术时跨国公司仍然拥有其在创新文化中的优势
Multinationals still hold advantage in their innovative culture in developing next generation of technology
bull 中国的高流动性（部分由于美国的定量宽松政策）
High liquidity in China (partly as a result of the quantitative easings in the US)
10
11
中国公司ldquo走出去rdquo法律制度方面的一些挑战
Challenges of Offshore Legal Environment for Chinese Companies
bull 有些中国公司习惯于接受大量政府扶持不适应市场规则
Some Chinese companies have grown accustomed to overwhelming government support
bull 缺少当地社区的支持
Lack of access to and support from local communities
bull 当地诉讼文化
Litigation culture
bull 环保合规成本高 ndash 通常承担连带责任而不是谁污染谁负责
Environmental compliance ndash ldquosuperfundrdquo vs ldquopolluter paysrdquo
bull 外国投资审查
Foreign investment approval
战略合作的十大法律问题 Top 10 Legal Issues for JVs
1 投资结构 ndash 境外境内合营合资企业合作企业或股份公司
Investment Structurendash Offshore Onshore JV EJV CJV or Joint Stock Company
2 控制权问题
Control Issues
3 出口进口管制问题
Export Import Control Issues
4 出资
Capital Contributions
5 知识产权许可保护
IP Licensing Protection
6 税收考虑
Tax Considerations
7 与国企合作的有关问题
SOE Issues
8 避免同业竞争
Non-compete
9 争议解决
Dispute Resolution
10 退出策略
Exit Strategy
12
1 投资结构 Investment Structure (12)
bull 境外合营的优点 Advantages of Offshore JVs
ndash 以境外上市作为退出机制（比境内上市更为灵活）
Offshore listing as exit (more flexible than onshore listing)
ndash 容易安排员工持股计划
Easy to structure ESOP
ndash 境内外的融资选择更为灵活
More flexible financing options onshore and offshore
ndash 使用股份作为未来融资收购的ldquo货币rdquo Use of stock as ldquocurrencyrdquo for future financingacquisition
ndash 公司文件的保密性
Confidentiality of corporate documents
bull 境外合营的缺点 Disadvantages of Offshore JVs
ndash 中国相关机构的审批风险
Chinese approval risks
ndash 参与政府采购的潜在不利因素
Possible disadvantage in participating in government procurement
ndash 未来的境内投资需得到中国相关机构批准
Future onshore investments subject to Chinese approval
ndash 在合营企业收购美国资产时需向美国外国投资委员会申报
CFIUS approval if JV to acquire US assets
13
14
bull （境内）合资经营企业 (Onshore) Equity Joint Ventures
ndash 利润分配通常按股权比例（投入的注册资本）进行 Profits generally split proportionally to equity investment (registered capital ownership)
ndash 董事会席位的分配通常也按股权比例进行 Board seats also split proportionally to equity investment
ndash 可预测性 - 法律和实践操作较为成熟 Predictability ndash more established laws and practices
bull （境内）合作经营企业 (Onshore) Cooperative Joint Ventures
ndash 利润分配更灵活 More flexibility in distributing profits
ndash 管理和控制更灵活 More flexibility in management and control
ndash 在合营各方的出资难以量化时往往使用该结构例如市场进入 Often a useful form of joint venture where partiesrsquo contributions are harder to quantify eg market access
ndash 与合资企业相比审批机构对合作企业的审查更为严格 Approval authorities will likely scrutinize CJVs more than EJVs
bull （境内）股份公司 (Onshore) Joint Stock Companies
ndash 无法定的小股东保护（控制权的灵活性）
No statutory minority protection (flexibility in control)
ndash 在获取国际外债时需外汇管理机构审批
Need foreign exchange authority approval for taking on international debt
ndash 可能以国内上市作为退出机制
Possible domestic listing as exit strategy
1 投资结构 Investment Structure (12)
2 控制权问题 Control Issues (12)
bull 有时谁能根据美国通用会计准则中国通用会计准则进行会计报表的合并成为决定因素
Sometimes driven by who may consolidate under US GAAP PRC GAAP
bull 常常需要经过艰苦的谈判
Often heavily negotiated
ndash 特别是非控制一方获得否决权时
Especially negative controls (ie ldquoveto rightsrdquo) afforded to party not in control
bull 在合营各方都没有控制权情况下的僵局问题
Deadlock concerns if neither party controls
bull 对合资企业而言 董事会席位通常根据所有权比例来确定但谁来任命董事长总经理
For EJV board seats generally determined by ownership percentage but who will appoint chairman general
manager
bull 法定代表人
The Legal Rep
ndash 通常是董事长但取决于不同的司法管辖区也可能是总经理
Generally the Chairman but possibly GM depending on jurisdiction
ndash 负有代表合营企业行事的责任和权力
Has primary responsibility and power to act on behalf of the JV
ndash 法定代表人有权代表合资企业签订协议
Apparent authority to sign on behalf of JV
ndash 考虑在卸任后归还印章
ndash Consider having Legal Rep enter into agreement to return chop upon termination
15
2 控制权问题 Control Issues (22)
bull 公司印章 Enterprise ChopsSeals
ndash 企业公章 Official Enterprise Chop
ndash 法定代表人章 Legal Representative Chop
ndash 财务及其他印章
Finance and Other Seals
bull 对签订合同的权限实施控制 Implementing control over contracting authority
ndash 制定印章使用方面的条例和程序
Formulate rules and procedures for use of seals
ndash 将法定代表人的印鉴在政府机关备案
File specimen of Legal Representative Chop with public authorities
ndash 印章的使用需要特别授权（如董事会决议）
Require specific authorization (eg Board resolution) for use of seals
16
3 出口进口管制问题 ExportImport Control Issues
bull 中国技术进口出口问题
China Technology ImportExport Issues
ndash 进口和出口技术均分为三大类禁止类限制类和允许类管理的方式均不同
Both import and export technology are classified into three categories prohibited restricted and permitted which are
regulated differently
ndash 合同条款的若干法定限制包括
Several statutory limitations on contractual terms including
bull 强制保证 ndash 外国许可方必须确保
Mandatory Warranties ndash foreign licensor must guarantee that
ndash 其是技术的合法所有人或者有权授予技术许可
It is the legal owner of or the party with the right to license the technology
ndash 必须承担因被许可方使用被许可技术所产生的任何侵权责任
Must bear responsibility for any infringement liability resulting from licenseersquos use of the licensed technology
ndash 许可技术是ldquo完整无差错有效并能产生预期结果的rdquo The licensed technology is ldquocomplete error-free effective and able to achieve the intended resultsrdquo
bull 改进
Improvements
ndash 在协议有效期内改进属于改进方
During the term of the agreement improvements must be owned by the improving party
ndash 无法限制中方被许可方进行被许可技术的改进
Chinese licensee cannot be restricted from improving the licensed technology
bull 外方本国法律的适用性
Applicability of Foreign partyrsquos home country laws
ndash 例如美国对技术的出口管制问题
Eg US Export Control Issues on Technology
bull 许可要求取决于该技术的技术特点目的地最终用户和最终用途
License requirements are dependent upon an itemrsquos technical characteristics the destination the end-user and the end-use
17
4 出资 Capital Contributions
bull 现金出资
Cash contributions
bull 以知识产权作为资本出资
Contributing intellectual property as capital
ndash 就合资企业而言必须以所有权转让的形式
For EJV must be in the form of ownership transfer
ndash 就合作企业而言技术许可可作为ldquo合作条件rdquo
For CJV a technology license might form a ldquocooperative conditionrdquo
ndash 估值问题
Evaluation issues
bull 如果知识产权没有作为对合营企业的出资知识产权也可许可给合营企业并收取使用费此类使用费可作为对合营企业的资本出资（在税收流失后）
If IP is not contributed to JV may also be licensed for royalty and the royalty payment may be
contributed to JV as capital (after tax leakage)
bull 对外商投资企业子公司的出资
Capital contributions to subsidiaries of the FIE
ndash 对于在中国设立的非控股公司作为母公司的外商投资企业无法以其注册资本向子公司进行投资
For non-holding companies set up in China investment into subsidiaries cannot come from parent FIErsquos
registered capital
ndash 控股公司的特别规则 ndash 近期的外管局问题
Special rules for holding companies ndash recent SAFE issues
18
5 知识产权许可保护 IP Licensing Protection
bull 哪些知识产权技术作为出资转让或许可给合营企业
What IPtechnology gets contributedlicensed into the JV
bull 哪一方拥有对合营各方投入技术所作的改进
Who owns improvements made to each parentrsquos input technology
bull 合营各方及合营企业间是否存在对于技术改进的回授许可安排
Will there be license grant-backs among parents and JV for improvements
bull 许可的范围多广是否仅限于合营企业的经营范围
What will be the field of use for the license agreement - tied to JVrsquos business scope
bull 合营企业破产或解散后其知识产权技术如何处理
What happens to the JVrsquos IPtechnology upon bankruptcy or dissolution of the JV
bull 在哪些情况下合营一方可终止其技术许可
Under what circumstances can the technology license from a parent be terminated by such parent
bull 技术许可终止时合营各方根据相关协议仍将保留哪些权利
Upon such termination what surviving rights if any will the parties have under the agreement
19
6 税收考虑 Tax Considerations
bull 影响税收结构安排的ldquo大范围rdquo考虑因素
ldquoBig picturerdquo considerations that influence the tax structuring include
- 先前与跨国合营企业的相关经验
Prior experience with cross-border JVs
- 全球整体的税收和税收合规战略
Overall global tax and tax compliance strategy
- 风险状况
Risk profile
- 合营企业所取得收益的性质
Nature of the income to be earned by the JV
- 适用的税收条约
Applicable tax treaties
- 与知识产权相关的税收问题
IP-related tax issues
bull 合营各方需妥协
Parties may need to compromise
- 从中方外方母国和全球角度而言最为有效的结构安排
Structure has to be the most efficient from a Chinese Foreign home country and global perspective
bull 随着全球税收制度的日益严格以及税收执法力度的日益加强在结构安排时应尽可能地保留灵活性
Structure should strive to preserve flexibility as tax regimes around the world tighten and tax enforcement becomes
more aggressive
20
7 与国企合作的有关问题 SOE Issues
bull 执行问题
Enforcement concerns
bull 国有资产和股权
State-owned assets and equity interests
ndash 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行
Transfers must be conducted via auction or public bidding at a public asset exchange center designated by
SASAC
ndash 此要求针对从建筑物机械等有形资产到股权土地使用权知识产权等无形资产的多种资产
Required for broad range of assets from tangible assets like buildings and machines to intangible assets
such as equity interests land use rights and intellectual property
ndash 适用于国家完全或部分拥有的资产国资委具有宽泛的裁量权
Applies to assets owned entirely or in part by the State SASAC has broad discretion
ndash 须由具有资质的评估人进行评估
Appraisal required by qualified appraiser
ndash 除非经国资委另行批准转让价格须高于或等于估定价值的90
Transfer price must be greater than or equal to 90 of appraised value unless otherwise approved by
SASAC
bull 政府鼓励投资政策及优惠
Government incentives
21
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
11
中国公司ldquo走出去rdquo法律制度方面的一些挑战
Challenges of Offshore Legal Environment for Chinese Companies
bull 有些中国公司习惯于接受大量政府扶持不适应市场规则
Some Chinese companies have grown accustomed to overwhelming government support
bull 缺少当地社区的支持
Lack of access to and support from local communities
bull 当地诉讼文化
Litigation culture
bull 环保合规成本高 ndash 通常承担连带责任而不是谁污染谁负责
Environmental compliance ndash ldquosuperfundrdquo vs ldquopolluter paysrdquo
bull 外国投资审查
Foreign investment approval
战略合作的十大法律问题 Top 10 Legal Issues for JVs
1 投资结构 ndash 境外境内合营合资企业合作企业或股份公司
Investment Structurendash Offshore Onshore JV EJV CJV or Joint Stock Company
2 控制权问题
Control Issues
3 出口进口管制问题
Export Import Control Issues
4 出资
Capital Contributions
5 知识产权许可保护
IP Licensing Protection
6 税收考虑
Tax Considerations
7 与国企合作的有关问题
SOE Issues
8 避免同业竞争
Non-compete
9 争议解决
Dispute Resolution
10 退出策略
Exit Strategy
12
1 投资结构 Investment Structure (12)
bull 境外合营的优点 Advantages of Offshore JVs
ndash 以境外上市作为退出机制（比境内上市更为灵活）
Offshore listing as exit (more flexible than onshore listing)
ndash 容易安排员工持股计划
Easy to structure ESOP
ndash 境内外的融资选择更为灵活
More flexible financing options onshore and offshore
ndash 使用股份作为未来融资收购的ldquo货币rdquo Use of stock as ldquocurrencyrdquo for future financingacquisition
ndash 公司文件的保密性
Confidentiality of corporate documents
bull 境外合营的缺点 Disadvantages of Offshore JVs
ndash 中国相关机构的审批风险
Chinese approval risks
ndash 参与政府采购的潜在不利因素
Possible disadvantage in participating in government procurement
ndash 未来的境内投资需得到中国相关机构批准
Future onshore investments subject to Chinese approval
ndash 在合营企业收购美国资产时需向美国外国投资委员会申报
CFIUS approval if JV to acquire US assets
13
14
bull （境内）合资经营企业 (Onshore) Equity Joint Ventures
ndash 利润分配通常按股权比例（投入的注册资本）进行 Profits generally split proportionally to equity investment (registered capital ownership)
ndash 董事会席位的分配通常也按股权比例进行 Board seats also split proportionally to equity investment
ndash 可预测性 - 法律和实践操作较为成熟 Predictability ndash more established laws and practices
bull （境内）合作经营企业 (Onshore) Cooperative Joint Ventures
ndash 利润分配更灵活 More flexibility in distributing profits
ndash 管理和控制更灵活 More flexibility in management and control
ndash 在合营各方的出资难以量化时往往使用该结构例如市场进入 Often a useful form of joint venture where partiesrsquo contributions are harder to quantify eg market access
ndash 与合资企业相比审批机构对合作企业的审查更为严格 Approval authorities will likely scrutinize CJVs more than EJVs
bull （境内）股份公司 (Onshore) Joint Stock Companies
ndash 无法定的小股东保护（控制权的灵活性）
No statutory minority protection (flexibility in control)
ndash 在获取国际外债时需外汇管理机构审批
Need foreign exchange authority approval for taking on international debt
ndash 可能以国内上市作为退出机制
Possible domestic listing as exit strategy
1 投资结构 Investment Structure (12)
2 控制权问题 Control Issues (12)
bull 有时谁能根据美国通用会计准则中国通用会计准则进行会计报表的合并成为决定因素
Sometimes driven by who may consolidate under US GAAP PRC GAAP
bull 常常需要经过艰苦的谈判
Often heavily negotiated
ndash 特别是非控制一方获得否决权时
Especially negative controls (ie ldquoveto rightsrdquo) afforded to party not in control
bull 在合营各方都没有控制权情况下的僵局问题
Deadlock concerns if neither party controls
bull 对合资企业而言 董事会席位通常根据所有权比例来确定但谁来任命董事长总经理
For EJV board seats generally determined by ownership percentage but who will appoint chairman general
manager
bull 法定代表人
The Legal Rep
ndash 通常是董事长但取决于不同的司法管辖区也可能是总经理
Generally the Chairman but possibly GM depending on jurisdiction
ndash 负有代表合营企业行事的责任和权力
Has primary responsibility and power to act on behalf of the JV
ndash 法定代表人有权代表合资企业签订协议
Apparent authority to sign on behalf of JV
ndash 考虑在卸任后归还印章
ndash Consider having Legal Rep enter into agreement to return chop upon termination
15
2 控制权问题 Control Issues (22)
bull 公司印章 Enterprise ChopsSeals
ndash 企业公章 Official Enterprise Chop
ndash 法定代表人章 Legal Representative Chop
ndash 财务及其他印章
Finance and Other Seals
bull 对签订合同的权限实施控制 Implementing control over contracting authority
ndash 制定印章使用方面的条例和程序
Formulate rules and procedures for use of seals
ndash 将法定代表人的印鉴在政府机关备案
File specimen of Legal Representative Chop with public authorities
ndash 印章的使用需要特别授权（如董事会决议）
Require specific authorization (eg Board resolution) for use of seals
16
3 出口进口管制问题 ExportImport Control Issues
bull 中国技术进口出口问题
China Technology ImportExport Issues
ndash 进口和出口技术均分为三大类禁止类限制类和允许类管理的方式均不同
Both import and export technology are classified into three categories prohibited restricted and permitted which are
regulated differently
ndash 合同条款的若干法定限制包括
Several statutory limitations on contractual terms including
bull 强制保证 ndash 外国许可方必须确保
Mandatory Warranties ndash foreign licensor must guarantee that
ndash 其是技术的合法所有人或者有权授予技术许可
It is the legal owner of or the party with the right to license the technology
ndash 必须承担因被许可方使用被许可技术所产生的任何侵权责任
Must bear responsibility for any infringement liability resulting from licenseersquos use of the licensed technology
ndash 许可技术是ldquo完整无差错有效并能产生预期结果的rdquo The licensed technology is ldquocomplete error-free effective and able to achieve the intended resultsrdquo
bull 改进
Improvements
ndash 在协议有效期内改进属于改进方
During the term of the agreement improvements must be owned by the improving party
ndash 无法限制中方被许可方进行被许可技术的改进
Chinese licensee cannot be restricted from improving the licensed technology
bull 外方本国法律的适用性
Applicability of Foreign partyrsquos home country laws
ndash 例如美国对技术的出口管制问题
Eg US Export Control Issues on Technology
bull 许可要求取决于该技术的技术特点目的地最终用户和最终用途
License requirements are dependent upon an itemrsquos technical characteristics the destination the end-user and the end-use
17
4 出资 Capital Contributions
bull 现金出资
Cash contributions
bull 以知识产权作为资本出资
Contributing intellectual property as capital
ndash 就合资企业而言必须以所有权转让的形式
For EJV must be in the form of ownership transfer
ndash 就合作企业而言技术许可可作为ldquo合作条件rdquo
For CJV a technology license might form a ldquocooperative conditionrdquo
ndash 估值问题
Evaluation issues
bull 如果知识产权没有作为对合营企业的出资知识产权也可许可给合营企业并收取使用费此类使用费可作为对合营企业的资本出资（在税收流失后）
If IP is not contributed to JV may also be licensed for royalty and the royalty payment may be
contributed to JV as capital (after tax leakage)
bull 对外商投资企业子公司的出资
Capital contributions to subsidiaries of the FIE
ndash 对于在中国设立的非控股公司作为母公司的外商投资企业无法以其注册资本向子公司进行投资
For non-holding companies set up in China investment into subsidiaries cannot come from parent FIErsquos
registered capital
ndash 控股公司的特别规则 ndash 近期的外管局问题
Special rules for holding companies ndash recent SAFE issues
18
5 知识产权许可保护 IP Licensing Protection
bull 哪些知识产权技术作为出资转让或许可给合营企业
What IPtechnology gets contributedlicensed into the JV
bull 哪一方拥有对合营各方投入技术所作的改进
Who owns improvements made to each parentrsquos input technology
bull 合营各方及合营企业间是否存在对于技术改进的回授许可安排
Will there be license grant-backs among parents and JV for improvements
bull 许可的范围多广是否仅限于合营企业的经营范围
What will be the field of use for the license agreement - tied to JVrsquos business scope
bull 合营企业破产或解散后其知识产权技术如何处理
What happens to the JVrsquos IPtechnology upon bankruptcy or dissolution of the JV
bull 在哪些情况下合营一方可终止其技术许可
Under what circumstances can the technology license from a parent be terminated by such parent
bull 技术许可终止时合营各方根据相关协议仍将保留哪些权利
Upon such termination what surviving rights if any will the parties have under the agreement
19
6 税收考虑 Tax Considerations
bull 影响税收结构安排的ldquo大范围rdquo考虑因素
ldquoBig picturerdquo considerations that influence the tax structuring include
- 先前与跨国合营企业的相关经验
Prior experience with cross-border JVs
- 全球整体的税收和税收合规战略
Overall global tax and tax compliance strategy
- 风险状况
Risk profile
- 合营企业所取得收益的性质
Nature of the income to be earned by the JV
- 适用的税收条约
Applicable tax treaties
- 与知识产权相关的税收问题
IP-related tax issues
bull 合营各方需妥协
Parties may need to compromise
- 从中方外方母国和全球角度而言最为有效的结构安排
Structure has to be the most efficient from a Chinese Foreign home country and global perspective
bull 随着全球税收制度的日益严格以及税收执法力度的日益加强在结构安排时应尽可能地保留灵活性
Structure should strive to preserve flexibility as tax regimes around the world tighten and tax enforcement becomes
more aggressive
20
7 与国企合作的有关问题 SOE Issues
bull 执行问题
Enforcement concerns
bull 国有资产和股权
State-owned assets and equity interests
ndash 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行
Transfers must be conducted via auction or public bidding at a public asset exchange center designated by
SASAC
ndash 此要求针对从建筑物机械等有形资产到股权土地使用权知识产权等无形资产的多种资产
Required for broad range of assets from tangible assets like buildings and machines to intangible assets
such as equity interests land use rights and intellectual property
ndash 适用于国家完全或部分拥有的资产国资委具有宽泛的裁量权
Applies to assets owned entirely or in part by the State SASAC has broad discretion
ndash 须由具有资质的评估人进行评估
Appraisal required by qualified appraiser
ndash 除非经国资委另行批准转让价格须高于或等于估定价值的90
Transfer price must be greater than or equal to 90 of appraised value unless otherwise approved by
SASAC
bull 政府鼓励投资政策及优惠
Government incentives
21
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
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7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
战略合作的十大法律问题 Top 10 Legal Issues for JVs
1 投资结构 ndash 境外境内合营合资企业合作企业或股份公司
Investment Structurendash Offshore Onshore JV EJV CJV or Joint Stock Company
2 控制权问题
Control Issues
3 出口进口管制问题
Export Import Control Issues
4 出资
Capital Contributions
5 知识产权许可保护
IP Licensing Protection
6 税收考虑
Tax Considerations
7 与国企合作的有关问题
SOE Issues
8 避免同业竞争
Non-compete
9 争议解决
Dispute Resolution
10 退出策略
Exit Strategy
12
1 投资结构 Investment Structure (12)
bull 境外合营的优点 Advantages of Offshore JVs
ndash 以境外上市作为退出机制（比境内上市更为灵活）
Offshore listing as exit (more flexible than onshore listing)
ndash 容易安排员工持股计划
Easy to structure ESOP
ndash 境内外的融资选择更为灵活
More flexible financing options onshore and offshore
ndash 使用股份作为未来融资收购的ldquo货币rdquo Use of stock as ldquocurrencyrdquo for future financingacquisition
ndash 公司文件的保密性
Confidentiality of corporate documents
bull 境外合营的缺点 Disadvantages of Offshore JVs
ndash 中国相关机构的审批风险
Chinese approval risks
ndash 参与政府采购的潜在不利因素
Possible disadvantage in participating in government procurement
ndash 未来的境内投资需得到中国相关机构批准
Future onshore investments subject to Chinese approval
ndash 在合营企业收购美国资产时需向美国外国投资委员会申报
CFIUS approval if JV to acquire US assets
13
14
bull （境内）合资经营企业 (Onshore) Equity Joint Ventures
ndash 利润分配通常按股权比例（投入的注册资本）进行 Profits generally split proportionally to equity investment (registered capital ownership)
ndash 董事会席位的分配通常也按股权比例进行 Board seats also split proportionally to equity investment
ndash 可预测性 - 法律和实践操作较为成熟 Predictability ndash more established laws and practices
bull （境内）合作经营企业 (Onshore) Cooperative Joint Ventures
ndash 利润分配更灵活 More flexibility in distributing profits
ndash 管理和控制更灵活 More flexibility in management and control
ndash 在合营各方的出资难以量化时往往使用该结构例如市场进入 Often a useful form of joint venture where partiesrsquo contributions are harder to quantify eg market access
ndash 与合资企业相比审批机构对合作企业的审查更为严格 Approval authorities will likely scrutinize CJVs more than EJVs
bull （境内）股份公司 (Onshore) Joint Stock Companies
ndash 无法定的小股东保护（控制权的灵活性）
No statutory minority protection (flexibility in control)
ndash 在获取国际外债时需外汇管理机构审批
Need foreign exchange authority approval for taking on international debt
ndash 可能以国内上市作为退出机制
Possible domestic listing as exit strategy
1 投资结构 Investment Structure (12)
2 控制权问题 Control Issues (12)
bull 有时谁能根据美国通用会计准则中国通用会计准则进行会计报表的合并成为决定因素
Sometimes driven by who may consolidate under US GAAP PRC GAAP
bull 常常需要经过艰苦的谈判
Often heavily negotiated
ndash 特别是非控制一方获得否决权时
Especially negative controls (ie ldquoveto rightsrdquo) afforded to party not in control
bull 在合营各方都没有控制权情况下的僵局问题
Deadlock concerns if neither party controls
bull 对合资企业而言 董事会席位通常根据所有权比例来确定但谁来任命董事长总经理
For EJV board seats generally determined by ownership percentage but who will appoint chairman general
manager
bull 法定代表人
The Legal Rep
ndash 通常是董事长但取决于不同的司法管辖区也可能是总经理
Generally the Chairman but possibly GM depending on jurisdiction
ndash 负有代表合营企业行事的责任和权力
Has primary responsibility and power to act on behalf of the JV
ndash 法定代表人有权代表合资企业签订协议
Apparent authority to sign on behalf of JV
ndash 考虑在卸任后归还印章
ndash Consider having Legal Rep enter into agreement to return chop upon termination
15
2 控制权问题 Control Issues (22)
bull 公司印章 Enterprise ChopsSeals
ndash 企业公章 Official Enterprise Chop
ndash 法定代表人章 Legal Representative Chop
ndash 财务及其他印章
Finance and Other Seals
bull 对签订合同的权限实施控制 Implementing control over contracting authority
ndash 制定印章使用方面的条例和程序
Formulate rules and procedures for use of seals
ndash 将法定代表人的印鉴在政府机关备案
File specimen of Legal Representative Chop with public authorities
ndash 印章的使用需要特别授权（如董事会决议）
Require specific authorization (eg Board resolution) for use of seals
16
3 出口进口管制问题 ExportImport Control Issues
bull 中国技术进口出口问题
China Technology ImportExport Issues
ndash 进口和出口技术均分为三大类禁止类限制类和允许类管理的方式均不同
Both import and export technology are classified into three categories prohibited restricted and permitted which are
regulated differently
ndash 合同条款的若干法定限制包括
Several statutory limitations on contractual terms including
bull 强制保证 ndash 外国许可方必须确保
Mandatory Warranties ndash foreign licensor must guarantee that
ndash 其是技术的合法所有人或者有权授予技术许可
It is the legal owner of or the party with the right to license the technology
ndash 必须承担因被许可方使用被许可技术所产生的任何侵权责任
Must bear responsibility for any infringement liability resulting from licenseersquos use of the licensed technology
ndash 许可技术是ldquo完整无差错有效并能产生预期结果的rdquo The licensed technology is ldquocomplete error-free effective and able to achieve the intended resultsrdquo
bull 改进
Improvements
ndash 在协议有效期内改进属于改进方
During the term of the agreement improvements must be owned by the improving party
ndash 无法限制中方被许可方进行被许可技术的改进
Chinese licensee cannot be restricted from improving the licensed technology
bull 外方本国法律的适用性
Applicability of Foreign partyrsquos home country laws
ndash 例如美国对技术的出口管制问题
Eg US Export Control Issues on Technology
bull 许可要求取决于该技术的技术特点目的地最终用户和最终用途
License requirements are dependent upon an itemrsquos technical characteristics the destination the end-user and the end-use
17
4 出资 Capital Contributions
bull 现金出资
Cash contributions
bull 以知识产权作为资本出资
Contributing intellectual property as capital
ndash 就合资企业而言必须以所有权转让的形式
For EJV must be in the form of ownership transfer
ndash 就合作企业而言技术许可可作为ldquo合作条件rdquo
For CJV a technology license might form a ldquocooperative conditionrdquo
ndash 估值问题
Evaluation issues
bull 如果知识产权没有作为对合营企业的出资知识产权也可许可给合营企业并收取使用费此类使用费可作为对合营企业的资本出资（在税收流失后）
If IP is not contributed to JV may also be licensed for royalty and the royalty payment may be
contributed to JV as capital (after tax leakage)
bull 对外商投资企业子公司的出资
Capital contributions to subsidiaries of the FIE
ndash 对于在中国设立的非控股公司作为母公司的外商投资企业无法以其注册资本向子公司进行投资
For non-holding companies set up in China investment into subsidiaries cannot come from parent FIErsquos
registered capital
ndash 控股公司的特别规则 ndash 近期的外管局问题
Special rules for holding companies ndash recent SAFE issues
18
5 知识产权许可保护 IP Licensing Protection
bull 哪些知识产权技术作为出资转让或许可给合营企业
What IPtechnology gets contributedlicensed into the JV
bull 哪一方拥有对合营各方投入技术所作的改进
Who owns improvements made to each parentrsquos input technology
bull 合营各方及合营企业间是否存在对于技术改进的回授许可安排
Will there be license grant-backs among parents and JV for improvements
bull 许可的范围多广是否仅限于合营企业的经营范围
What will be the field of use for the license agreement - tied to JVrsquos business scope
bull 合营企业破产或解散后其知识产权技术如何处理
What happens to the JVrsquos IPtechnology upon bankruptcy or dissolution of the JV
bull 在哪些情况下合营一方可终止其技术许可
Under what circumstances can the technology license from a parent be terminated by such parent
bull 技术许可终止时合营各方根据相关协议仍将保留哪些权利
Upon such termination what surviving rights if any will the parties have under the agreement
19
6 税收考虑 Tax Considerations
bull 影响税收结构安排的ldquo大范围rdquo考虑因素
ldquoBig picturerdquo considerations that influence the tax structuring include
- 先前与跨国合营企业的相关经验
Prior experience with cross-border JVs
- 全球整体的税收和税收合规战略
Overall global tax and tax compliance strategy
- 风险状况
Risk profile
- 合营企业所取得收益的性质
Nature of the income to be earned by the JV
- 适用的税收条约
Applicable tax treaties
- 与知识产权相关的税收问题
IP-related tax issues
bull 合营各方需妥协
Parties may need to compromise
- 从中方外方母国和全球角度而言最为有效的结构安排
Structure has to be the most efficient from a Chinese Foreign home country and global perspective
bull 随着全球税收制度的日益严格以及税收执法力度的日益加强在结构安排时应尽可能地保留灵活性
Structure should strive to preserve flexibility as tax regimes around the world tighten and tax enforcement becomes
more aggressive
20
7 与国企合作的有关问题 SOE Issues
bull 执行问题
Enforcement concerns
bull 国有资产和股权
State-owned assets and equity interests
ndash 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行
Transfers must be conducted via auction or public bidding at a public asset exchange center designated by
SASAC
ndash 此要求针对从建筑物机械等有形资产到股权土地使用权知识产权等无形资产的多种资产
Required for broad range of assets from tangible assets like buildings and machines to intangible assets
such as equity interests land use rights and intellectual property
ndash 适用于国家完全或部分拥有的资产国资委具有宽泛的裁量权
Applies to assets owned entirely or in part by the State SASAC has broad discretion
ndash 须由具有资质的评估人进行评估
Appraisal required by qualified appraiser
ndash 除非经国资委另行批准转让价格须高于或等于估定价值的90
Transfer price must be greater than or equal to 90 of appraised value unless otherwise approved by
SASAC
bull 政府鼓励投资政策及优惠
Government incentives
21
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
1 投资结构 Investment Structure (12)
bull 境外合营的优点 Advantages of Offshore JVs
ndash 以境外上市作为退出机制（比境内上市更为灵活）
Offshore listing as exit (more flexible than onshore listing)
ndash 容易安排员工持股计划
Easy to structure ESOP
ndash 境内外的融资选择更为灵活
More flexible financing options onshore and offshore
ndash 使用股份作为未来融资收购的ldquo货币rdquo Use of stock as ldquocurrencyrdquo for future financingacquisition
ndash 公司文件的保密性
Confidentiality of corporate documents
bull 境外合营的缺点 Disadvantages of Offshore JVs
ndash 中国相关机构的审批风险
Chinese approval risks
ndash 参与政府采购的潜在不利因素
Possible disadvantage in participating in government procurement
ndash 未来的境内投资需得到中国相关机构批准
Future onshore investments subject to Chinese approval
ndash 在合营企业收购美国资产时需向美国外国投资委员会申报
CFIUS approval if JV to acquire US assets
13
14
bull （境内）合资经营企业 (Onshore) Equity Joint Ventures
ndash 利润分配通常按股权比例（投入的注册资本）进行 Profits generally split proportionally to equity investment (registered capital ownership)
ndash 董事会席位的分配通常也按股权比例进行 Board seats also split proportionally to equity investment
ndash 可预测性 - 法律和实践操作较为成熟 Predictability ndash more established laws and practices
bull （境内）合作经营企业 (Onshore) Cooperative Joint Ventures
ndash 利润分配更灵活 More flexibility in distributing profits
ndash 管理和控制更灵活 More flexibility in management and control
ndash 在合营各方的出资难以量化时往往使用该结构例如市场进入 Often a useful form of joint venture where partiesrsquo contributions are harder to quantify eg market access
ndash 与合资企业相比审批机构对合作企业的审查更为严格 Approval authorities will likely scrutinize CJVs more than EJVs
bull （境内）股份公司 (Onshore) Joint Stock Companies
ndash 无法定的小股东保护（控制权的灵活性）
No statutory minority protection (flexibility in control)
ndash 在获取国际外债时需外汇管理机构审批
Need foreign exchange authority approval for taking on international debt
ndash 可能以国内上市作为退出机制
Possible domestic listing as exit strategy
1 投资结构 Investment Structure (12)
2 控制权问题 Control Issues (12)
bull 有时谁能根据美国通用会计准则中国通用会计准则进行会计报表的合并成为决定因素
Sometimes driven by who may consolidate under US GAAP PRC GAAP
bull 常常需要经过艰苦的谈判
Often heavily negotiated
ndash 特别是非控制一方获得否决权时
Especially negative controls (ie ldquoveto rightsrdquo) afforded to party not in control
bull 在合营各方都没有控制权情况下的僵局问题
Deadlock concerns if neither party controls
bull 对合资企业而言 董事会席位通常根据所有权比例来确定但谁来任命董事长总经理
For EJV board seats generally determined by ownership percentage but who will appoint chairman general
manager
bull 法定代表人
The Legal Rep
ndash 通常是董事长但取决于不同的司法管辖区也可能是总经理
Generally the Chairman but possibly GM depending on jurisdiction
ndash 负有代表合营企业行事的责任和权力
Has primary responsibility and power to act on behalf of the JV
ndash 法定代表人有权代表合资企业签订协议
Apparent authority to sign on behalf of JV
ndash 考虑在卸任后归还印章
ndash Consider having Legal Rep enter into agreement to return chop upon termination
15
2 控制权问题 Control Issues (22)
bull 公司印章 Enterprise ChopsSeals
ndash 企业公章 Official Enterprise Chop
ndash 法定代表人章 Legal Representative Chop
ndash 财务及其他印章
Finance and Other Seals
bull 对签订合同的权限实施控制 Implementing control over contracting authority
ndash 制定印章使用方面的条例和程序
Formulate rules and procedures for use of seals
ndash 将法定代表人的印鉴在政府机关备案
File specimen of Legal Representative Chop with public authorities
ndash 印章的使用需要特别授权（如董事会决议）
Require specific authorization (eg Board resolution) for use of seals
16
3 出口进口管制问题 ExportImport Control Issues
bull 中国技术进口出口问题
China Technology ImportExport Issues
ndash 进口和出口技术均分为三大类禁止类限制类和允许类管理的方式均不同
Both import and export technology are classified into three categories prohibited restricted and permitted which are
regulated differently
ndash 合同条款的若干法定限制包括
Several statutory limitations on contractual terms including
bull 强制保证 ndash 外国许可方必须确保
Mandatory Warranties ndash foreign licensor must guarantee that
ndash 其是技术的合法所有人或者有权授予技术许可
It is the legal owner of or the party with the right to license the technology
ndash 必须承担因被许可方使用被许可技术所产生的任何侵权责任
Must bear responsibility for any infringement liability resulting from licenseersquos use of the licensed technology
ndash 许可技术是ldquo完整无差错有效并能产生预期结果的rdquo The licensed technology is ldquocomplete error-free effective and able to achieve the intended resultsrdquo
bull 改进
Improvements
ndash 在协议有效期内改进属于改进方
During the term of the agreement improvements must be owned by the improving party
ndash 无法限制中方被许可方进行被许可技术的改进
Chinese licensee cannot be restricted from improving the licensed technology
bull 外方本国法律的适用性
Applicability of Foreign partyrsquos home country laws
ndash 例如美国对技术的出口管制问题
Eg US Export Control Issues on Technology
bull 许可要求取决于该技术的技术特点目的地最终用户和最终用途
License requirements are dependent upon an itemrsquos technical characteristics the destination the end-user and the end-use
17
4 出资 Capital Contributions
bull 现金出资
Cash contributions
bull 以知识产权作为资本出资
Contributing intellectual property as capital
ndash 就合资企业而言必须以所有权转让的形式
For EJV must be in the form of ownership transfer
ndash 就合作企业而言技术许可可作为ldquo合作条件rdquo
For CJV a technology license might form a ldquocooperative conditionrdquo
ndash 估值问题
Evaluation issues
bull 如果知识产权没有作为对合营企业的出资知识产权也可许可给合营企业并收取使用费此类使用费可作为对合营企业的资本出资（在税收流失后）
If IP is not contributed to JV may also be licensed for royalty and the royalty payment may be
contributed to JV as capital (after tax leakage)
bull 对外商投资企业子公司的出资
Capital contributions to subsidiaries of the FIE
ndash 对于在中国设立的非控股公司作为母公司的外商投资企业无法以其注册资本向子公司进行投资
For non-holding companies set up in China investment into subsidiaries cannot come from parent FIErsquos
registered capital
ndash 控股公司的特别规则 ndash 近期的外管局问题
Special rules for holding companies ndash recent SAFE issues
18
5 知识产权许可保护 IP Licensing Protection
bull 哪些知识产权技术作为出资转让或许可给合营企业
What IPtechnology gets contributedlicensed into the JV
bull 哪一方拥有对合营各方投入技术所作的改进
Who owns improvements made to each parentrsquos input technology
bull 合营各方及合营企业间是否存在对于技术改进的回授许可安排
Will there be license grant-backs among parents and JV for improvements
bull 许可的范围多广是否仅限于合营企业的经营范围
What will be the field of use for the license agreement - tied to JVrsquos business scope
bull 合营企业破产或解散后其知识产权技术如何处理
What happens to the JVrsquos IPtechnology upon bankruptcy or dissolution of the JV
bull 在哪些情况下合营一方可终止其技术许可
Under what circumstances can the technology license from a parent be terminated by such parent
bull 技术许可终止时合营各方根据相关协议仍将保留哪些权利
Upon such termination what surviving rights if any will the parties have under the agreement
19
6 税收考虑 Tax Considerations
bull 影响税收结构安排的ldquo大范围rdquo考虑因素
ldquoBig picturerdquo considerations that influence the tax structuring include
- 先前与跨国合营企业的相关经验
Prior experience with cross-border JVs
- 全球整体的税收和税收合规战略
Overall global tax and tax compliance strategy
- 风险状况
Risk profile
- 合营企业所取得收益的性质
Nature of the income to be earned by the JV
- 适用的税收条约
Applicable tax treaties
- 与知识产权相关的税收问题
IP-related tax issues
bull 合营各方需妥协
Parties may need to compromise
- 从中方外方母国和全球角度而言最为有效的结构安排
Structure has to be the most efficient from a Chinese Foreign home country and global perspective
bull 随着全球税收制度的日益严格以及税收执法力度的日益加强在结构安排时应尽可能地保留灵活性
Structure should strive to preserve flexibility as tax regimes around the world tighten and tax enforcement becomes
more aggressive
20
7 与国企合作的有关问题 SOE Issues
bull 执行问题
Enforcement concerns
bull 国有资产和股权
State-owned assets and equity interests
ndash 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行
Transfers must be conducted via auction or public bidding at a public asset exchange center designated by
SASAC
ndash 此要求针对从建筑物机械等有形资产到股权土地使用权知识产权等无形资产的多种资产
Required for broad range of assets from tangible assets like buildings and machines to intangible assets
such as equity interests land use rights and intellectual property
ndash 适用于国家完全或部分拥有的资产国资委具有宽泛的裁量权
Applies to assets owned entirely or in part by the State SASAC has broad discretion
ndash 须由具有资质的评估人进行评估
Appraisal required by qualified appraiser
ndash 除非经国资委另行批准转让价格须高于或等于估定价值的90
Transfer price must be greater than or equal to 90 of appraised value unless otherwise approved by
SASAC
bull 政府鼓励投资政策及优惠
Government incentives
21
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
14
bull （境内）合资经营企业 (Onshore) Equity Joint Ventures
ndash 利润分配通常按股权比例（投入的注册资本）进行 Profits generally split proportionally to equity investment (registered capital ownership)
ndash 董事会席位的分配通常也按股权比例进行 Board seats also split proportionally to equity investment
ndash 可预测性 - 法律和实践操作较为成熟 Predictability ndash more established laws and practices
bull （境内）合作经营企业 (Onshore) Cooperative Joint Ventures
ndash 利润分配更灵活 More flexibility in distributing profits
ndash 管理和控制更灵活 More flexibility in management and control
ndash 在合营各方的出资难以量化时往往使用该结构例如市场进入 Often a useful form of joint venture where partiesrsquo contributions are harder to quantify eg market access
ndash 与合资企业相比审批机构对合作企业的审查更为严格 Approval authorities will likely scrutinize CJVs more than EJVs
bull （境内）股份公司 (Onshore) Joint Stock Companies
ndash 无法定的小股东保护（控制权的灵活性）
No statutory minority protection (flexibility in control)
ndash 在获取国际外债时需外汇管理机构审批
Need foreign exchange authority approval for taking on international debt
ndash 可能以国内上市作为退出机制
Possible domestic listing as exit strategy
1 投资结构 Investment Structure (12)
2 控制权问题 Control Issues (12)
bull 有时谁能根据美国通用会计准则中国通用会计准则进行会计报表的合并成为决定因素
Sometimes driven by who may consolidate under US GAAP PRC GAAP
bull 常常需要经过艰苦的谈判
Often heavily negotiated
ndash 特别是非控制一方获得否决权时
Especially negative controls (ie ldquoveto rightsrdquo) afforded to party not in control
bull 在合营各方都没有控制权情况下的僵局问题
Deadlock concerns if neither party controls
bull 对合资企业而言 董事会席位通常根据所有权比例来确定但谁来任命董事长总经理
For EJV board seats generally determined by ownership percentage but who will appoint chairman general
manager
bull 法定代表人
The Legal Rep
ndash 通常是董事长但取决于不同的司法管辖区也可能是总经理
Generally the Chairman but possibly GM depending on jurisdiction
ndash 负有代表合营企业行事的责任和权力
Has primary responsibility and power to act on behalf of the JV
ndash 法定代表人有权代表合资企业签订协议
Apparent authority to sign on behalf of JV
ndash 考虑在卸任后归还印章
ndash Consider having Legal Rep enter into agreement to return chop upon termination
15
2 控制权问题 Control Issues (22)
bull 公司印章 Enterprise ChopsSeals
ndash 企业公章 Official Enterprise Chop
ndash 法定代表人章 Legal Representative Chop
ndash 财务及其他印章
Finance and Other Seals
bull 对签订合同的权限实施控制 Implementing control over contracting authority
ndash 制定印章使用方面的条例和程序
Formulate rules and procedures for use of seals
ndash 将法定代表人的印鉴在政府机关备案
File specimen of Legal Representative Chop with public authorities
ndash 印章的使用需要特别授权（如董事会决议）
Require specific authorization (eg Board resolution) for use of seals
16
3 出口进口管制问题 ExportImport Control Issues
bull 中国技术进口出口问题
China Technology ImportExport Issues
ndash 进口和出口技术均分为三大类禁止类限制类和允许类管理的方式均不同
Both import and export technology are classified into three categories prohibited restricted and permitted which are
regulated differently
ndash 合同条款的若干法定限制包括
Several statutory limitations on contractual terms including
bull 强制保证 ndash 外国许可方必须确保
Mandatory Warranties ndash foreign licensor must guarantee that
ndash 其是技术的合法所有人或者有权授予技术许可
It is the legal owner of or the party with the right to license the technology
ndash 必须承担因被许可方使用被许可技术所产生的任何侵权责任
Must bear responsibility for any infringement liability resulting from licenseersquos use of the licensed technology
ndash 许可技术是ldquo完整无差错有效并能产生预期结果的rdquo The licensed technology is ldquocomplete error-free effective and able to achieve the intended resultsrdquo
bull 改进
Improvements
ndash 在协议有效期内改进属于改进方
During the term of the agreement improvements must be owned by the improving party
ndash 无法限制中方被许可方进行被许可技术的改进
Chinese licensee cannot be restricted from improving the licensed technology
bull 外方本国法律的适用性
Applicability of Foreign partyrsquos home country laws
ndash 例如美国对技术的出口管制问题
Eg US Export Control Issues on Technology
bull 许可要求取决于该技术的技术特点目的地最终用户和最终用途
License requirements are dependent upon an itemrsquos technical characteristics the destination the end-user and the end-use
17
4 出资 Capital Contributions
bull 现金出资
Cash contributions
bull 以知识产权作为资本出资
Contributing intellectual property as capital
ndash 就合资企业而言必须以所有权转让的形式
For EJV must be in the form of ownership transfer
ndash 就合作企业而言技术许可可作为ldquo合作条件rdquo
For CJV a technology license might form a ldquocooperative conditionrdquo
ndash 估值问题
Evaluation issues
bull 如果知识产权没有作为对合营企业的出资知识产权也可许可给合营企业并收取使用费此类使用费可作为对合营企业的资本出资（在税收流失后）
If IP is not contributed to JV may also be licensed for royalty and the royalty payment may be
contributed to JV as capital (after tax leakage)
bull 对外商投资企业子公司的出资
Capital contributions to subsidiaries of the FIE
ndash 对于在中国设立的非控股公司作为母公司的外商投资企业无法以其注册资本向子公司进行投资
For non-holding companies set up in China investment into subsidiaries cannot come from parent FIErsquos
registered capital
ndash 控股公司的特别规则 ndash 近期的外管局问题
Special rules for holding companies ndash recent SAFE issues
18
5 知识产权许可保护 IP Licensing Protection
bull 哪些知识产权技术作为出资转让或许可给合营企业
What IPtechnology gets contributedlicensed into the JV
bull 哪一方拥有对合营各方投入技术所作的改进
Who owns improvements made to each parentrsquos input technology
bull 合营各方及合营企业间是否存在对于技术改进的回授许可安排
Will there be license grant-backs among parents and JV for improvements
bull 许可的范围多广是否仅限于合营企业的经营范围
What will be the field of use for the license agreement - tied to JVrsquos business scope
bull 合营企业破产或解散后其知识产权技术如何处理
What happens to the JVrsquos IPtechnology upon bankruptcy or dissolution of the JV
bull 在哪些情况下合营一方可终止其技术许可
Under what circumstances can the technology license from a parent be terminated by such parent
bull 技术许可终止时合营各方根据相关协议仍将保留哪些权利
Upon such termination what surviving rights if any will the parties have under the agreement
19
6 税收考虑 Tax Considerations
bull 影响税收结构安排的ldquo大范围rdquo考虑因素
ldquoBig picturerdquo considerations that influence the tax structuring include
- 先前与跨国合营企业的相关经验
Prior experience with cross-border JVs
- 全球整体的税收和税收合规战略
Overall global tax and tax compliance strategy
- 风险状况
Risk profile
- 合营企业所取得收益的性质
Nature of the income to be earned by the JV
- 适用的税收条约
Applicable tax treaties
- 与知识产权相关的税收问题
IP-related tax issues
bull 合营各方需妥协
Parties may need to compromise
- 从中方外方母国和全球角度而言最为有效的结构安排
Structure has to be the most efficient from a Chinese Foreign home country and global perspective
bull 随着全球税收制度的日益严格以及税收执法力度的日益加强在结构安排时应尽可能地保留灵活性
Structure should strive to preserve flexibility as tax regimes around the world tighten and tax enforcement becomes
more aggressive
20
7 与国企合作的有关问题 SOE Issues
bull 执行问题
Enforcement concerns
bull 国有资产和股权
State-owned assets and equity interests
ndash 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行
Transfers must be conducted via auction or public bidding at a public asset exchange center designated by
SASAC
ndash 此要求针对从建筑物机械等有形资产到股权土地使用权知识产权等无形资产的多种资产
Required for broad range of assets from tangible assets like buildings and machines to intangible assets
such as equity interests land use rights and intellectual property
ndash 适用于国家完全或部分拥有的资产国资委具有宽泛的裁量权
Applies to assets owned entirely or in part by the State SASAC has broad discretion
ndash 须由具有资质的评估人进行评估
Appraisal required by qualified appraiser
ndash 除非经国资委另行批准转让价格须高于或等于估定价值的90
Transfer price must be greater than or equal to 90 of appraised value unless otherwise approved by
SASAC
bull 政府鼓励投资政策及优惠
Government incentives
21
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
2 控制权问题 Control Issues (12)
bull 有时谁能根据美国通用会计准则中国通用会计准则进行会计报表的合并成为决定因素
Sometimes driven by who may consolidate under US GAAP PRC GAAP
bull 常常需要经过艰苦的谈判
Often heavily negotiated
ndash 特别是非控制一方获得否决权时
Especially negative controls (ie ldquoveto rightsrdquo) afforded to party not in control
bull 在合营各方都没有控制权情况下的僵局问题
Deadlock concerns if neither party controls
bull 对合资企业而言 董事会席位通常根据所有权比例来确定但谁来任命董事长总经理
For EJV board seats generally determined by ownership percentage but who will appoint chairman general
manager
bull 法定代表人
The Legal Rep
ndash 通常是董事长但取决于不同的司法管辖区也可能是总经理
Generally the Chairman but possibly GM depending on jurisdiction
ndash 负有代表合营企业行事的责任和权力
Has primary responsibility and power to act on behalf of the JV
ndash 法定代表人有权代表合资企业签订协议
Apparent authority to sign on behalf of JV
ndash 考虑在卸任后归还印章
ndash Consider having Legal Rep enter into agreement to return chop upon termination
15
2 控制权问题 Control Issues (22)
bull 公司印章 Enterprise ChopsSeals
ndash 企业公章 Official Enterprise Chop
ndash 法定代表人章 Legal Representative Chop
ndash 财务及其他印章
Finance and Other Seals
bull 对签订合同的权限实施控制 Implementing control over contracting authority
ndash 制定印章使用方面的条例和程序
Formulate rules and procedures for use of seals
ndash 将法定代表人的印鉴在政府机关备案
File specimen of Legal Representative Chop with public authorities
ndash 印章的使用需要特别授权（如董事会决议）
Require specific authorization (eg Board resolution) for use of seals
16
3 出口进口管制问题 ExportImport Control Issues
bull 中国技术进口出口问题
China Technology ImportExport Issues
ndash 进口和出口技术均分为三大类禁止类限制类和允许类管理的方式均不同
Both import and export technology are classified into three categories prohibited restricted and permitted which are
regulated differently
ndash 合同条款的若干法定限制包括
Several statutory limitations on contractual terms including
bull 强制保证 ndash 外国许可方必须确保
Mandatory Warranties ndash foreign licensor must guarantee that
ndash 其是技术的合法所有人或者有权授予技术许可
It is the legal owner of or the party with the right to license the technology
ndash 必须承担因被许可方使用被许可技术所产生的任何侵权责任
Must bear responsibility for any infringement liability resulting from licenseersquos use of the licensed technology
ndash 许可技术是ldquo完整无差错有效并能产生预期结果的rdquo The licensed technology is ldquocomplete error-free effective and able to achieve the intended resultsrdquo
bull 改进
Improvements
ndash 在协议有效期内改进属于改进方
During the term of the agreement improvements must be owned by the improving party
ndash 无法限制中方被许可方进行被许可技术的改进
Chinese licensee cannot be restricted from improving the licensed technology
bull 外方本国法律的适用性
Applicability of Foreign partyrsquos home country laws
ndash 例如美国对技术的出口管制问题
Eg US Export Control Issues on Technology
bull 许可要求取决于该技术的技术特点目的地最终用户和最终用途
License requirements are dependent upon an itemrsquos technical characteristics the destination the end-user and the end-use
17
4 出资 Capital Contributions
bull 现金出资
Cash contributions
bull 以知识产权作为资本出资
Contributing intellectual property as capital
ndash 就合资企业而言必须以所有权转让的形式
For EJV must be in the form of ownership transfer
ndash 就合作企业而言技术许可可作为ldquo合作条件rdquo
For CJV a technology license might form a ldquocooperative conditionrdquo
ndash 估值问题
Evaluation issues
bull 如果知识产权没有作为对合营企业的出资知识产权也可许可给合营企业并收取使用费此类使用费可作为对合营企业的资本出资（在税收流失后）
If IP is not contributed to JV may also be licensed for royalty and the royalty payment may be
contributed to JV as capital (after tax leakage)
bull 对外商投资企业子公司的出资
Capital contributions to subsidiaries of the FIE
ndash 对于在中国设立的非控股公司作为母公司的外商投资企业无法以其注册资本向子公司进行投资
For non-holding companies set up in China investment into subsidiaries cannot come from parent FIErsquos
registered capital
ndash 控股公司的特别规则 ndash 近期的外管局问题
Special rules for holding companies ndash recent SAFE issues
18
5 知识产权许可保护 IP Licensing Protection
bull 哪些知识产权技术作为出资转让或许可给合营企业
What IPtechnology gets contributedlicensed into the JV
bull 哪一方拥有对合营各方投入技术所作的改进
Who owns improvements made to each parentrsquos input technology
bull 合营各方及合营企业间是否存在对于技术改进的回授许可安排
Will there be license grant-backs among parents and JV for improvements
bull 许可的范围多广是否仅限于合营企业的经营范围
What will be the field of use for the license agreement - tied to JVrsquos business scope
bull 合营企业破产或解散后其知识产权技术如何处理
What happens to the JVrsquos IPtechnology upon bankruptcy or dissolution of the JV
bull 在哪些情况下合营一方可终止其技术许可
Under what circumstances can the technology license from a parent be terminated by such parent
bull 技术许可终止时合营各方根据相关协议仍将保留哪些权利
Upon such termination what surviving rights if any will the parties have under the agreement
19
6 税收考虑 Tax Considerations
bull 影响税收结构安排的ldquo大范围rdquo考虑因素
ldquoBig picturerdquo considerations that influence the tax structuring include
- 先前与跨国合营企业的相关经验
Prior experience with cross-border JVs
- 全球整体的税收和税收合规战略
Overall global tax and tax compliance strategy
- 风险状况
Risk profile
- 合营企业所取得收益的性质
Nature of the income to be earned by the JV
- 适用的税收条约
Applicable tax treaties
- 与知识产权相关的税收问题
IP-related tax issues
bull 合营各方需妥协
Parties may need to compromise
- 从中方外方母国和全球角度而言最为有效的结构安排
Structure has to be the most efficient from a Chinese Foreign home country and global perspective
bull 随着全球税收制度的日益严格以及税收执法力度的日益加强在结构安排时应尽可能地保留灵活性
Structure should strive to preserve flexibility as tax regimes around the world tighten and tax enforcement becomes
more aggressive
20
7 与国企合作的有关问题 SOE Issues
bull 执行问题
Enforcement concerns
bull 国有资产和股权
State-owned assets and equity interests
ndash 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行
Transfers must be conducted via auction or public bidding at a public asset exchange center designated by
SASAC
ndash 此要求针对从建筑物机械等有形资产到股权土地使用权知识产权等无形资产的多种资产
Required for broad range of assets from tangible assets like buildings and machines to intangible assets
such as equity interests land use rights and intellectual property
ndash 适用于国家完全或部分拥有的资产国资委具有宽泛的裁量权
Applies to assets owned entirely or in part by the State SASAC has broad discretion
ndash 须由具有资质的评估人进行评估
Appraisal required by qualified appraiser
ndash 除非经国资委另行批准转让价格须高于或等于估定价值的90
Transfer price must be greater than or equal to 90 of appraised value unless otherwise approved by
SASAC
bull 政府鼓励投资政策及优惠
Government incentives
21
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
2 控制权问题 Control Issues (22)
bull 公司印章 Enterprise ChopsSeals
ndash 企业公章 Official Enterprise Chop
ndash 法定代表人章 Legal Representative Chop
ndash 财务及其他印章
Finance and Other Seals
bull 对签订合同的权限实施控制 Implementing control over contracting authority
ndash 制定印章使用方面的条例和程序
Formulate rules and procedures for use of seals
ndash 将法定代表人的印鉴在政府机关备案
File specimen of Legal Representative Chop with public authorities
ndash 印章的使用需要特别授权（如董事会决议）
Require specific authorization (eg Board resolution) for use of seals
16
3 出口进口管制问题 ExportImport Control Issues
bull 中国技术进口出口问题
China Technology ImportExport Issues
ndash 进口和出口技术均分为三大类禁止类限制类和允许类管理的方式均不同
Both import and export technology are classified into three categories prohibited restricted and permitted which are
regulated differently
ndash 合同条款的若干法定限制包括
Several statutory limitations on contractual terms including
bull 强制保证 ndash 外国许可方必须确保
Mandatory Warranties ndash foreign licensor must guarantee that
ndash 其是技术的合法所有人或者有权授予技术许可
It is the legal owner of or the party with the right to license the technology
ndash 必须承担因被许可方使用被许可技术所产生的任何侵权责任
Must bear responsibility for any infringement liability resulting from licenseersquos use of the licensed technology
ndash 许可技术是ldquo完整无差错有效并能产生预期结果的rdquo The licensed technology is ldquocomplete error-free effective and able to achieve the intended resultsrdquo
bull 改进
Improvements
ndash 在协议有效期内改进属于改进方
During the term of the agreement improvements must be owned by the improving party
ndash 无法限制中方被许可方进行被许可技术的改进
Chinese licensee cannot be restricted from improving the licensed technology
bull 外方本国法律的适用性
Applicability of Foreign partyrsquos home country laws
ndash 例如美国对技术的出口管制问题
Eg US Export Control Issues on Technology
bull 许可要求取决于该技术的技术特点目的地最终用户和最终用途
License requirements are dependent upon an itemrsquos technical characteristics the destination the end-user and the end-use
17
4 出资 Capital Contributions
bull 现金出资
Cash contributions
bull 以知识产权作为资本出资
Contributing intellectual property as capital
ndash 就合资企业而言必须以所有权转让的形式
For EJV must be in the form of ownership transfer
ndash 就合作企业而言技术许可可作为ldquo合作条件rdquo
For CJV a technology license might form a ldquocooperative conditionrdquo
ndash 估值问题
Evaluation issues
bull 如果知识产权没有作为对合营企业的出资知识产权也可许可给合营企业并收取使用费此类使用费可作为对合营企业的资本出资（在税收流失后）
If IP is not contributed to JV may also be licensed for royalty and the royalty payment may be
contributed to JV as capital (after tax leakage)
bull 对外商投资企业子公司的出资
Capital contributions to subsidiaries of the FIE
ndash 对于在中国设立的非控股公司作为母公司的外商投资企业无法以其注册资本向子公司进行投资
For non-holding companies set up in China investment into subsidiaries cannot come from parent FIErsquos
registered capital
ndash 控股公司的特别规则 ndash 近期的外管局问题
Special rules for holding companies ndash recent SAFE issues
18
5 知识产权许可保护 IP Licensing Protection
bull 哪些知识产权技术作为出资转让或许可给合营企业
What IPtechnology gets contributedlicensed into the JV
bull 哪一方拥有对合营各方投入技术所作的改进
Who owns improvements made to each parentrsquos input technology
bull 合营各方及合营企业间是否存在对于技术改进的回授许可安排
Will there be license grant-backs among parents and JV for improvements
bull 许可的范围多广是否仅限于合营企业的经营范围
What will be the field of use for the license agreement - tied to JVrsquos business scope
bull 合营企业破产或解散后其知识产权技术如何处理
What happens to the JVrsquos IPtechnology upon bankruptcy or dissolution of the JV
bull 在哪些情况下合营一方可终止其技术许可
Under what circumstances can the technology license from a parent be terminated by such parent
bull 技术许可终止时合营各方根据相关协议仍将保留哪些权利
Upon such termination what surviving rights if any will the parties have under the agreement
19
6 税收考虑 Tax Considerations
bull 影响税收结构安排的ldquo大范围rdquo考虑因素
ldquoBig picturerdquo considerations that influence the tax structuring include
- 先前与跨国合营企业的相关经验
Prior experience with cross-border JVs
- 全球整体的税收和税收合规战略
Overall global tax and tax compliance strategy
- 风险状况
Risk profile
- 合营企业所取得收益的性质
Nature of the income to be earned by the JV
- 适用的税收条约
Applicable tax treaties
- 与知识产权相关的税收问题
IP-related tax issues
bull 合营各方需妥协
Parties may need to compromise
- 从中方外方母国和全球角度而言最为有效的结构安排
Structure has to be the most efficient from a Chinese Foreign home country and global perspective
bull 随着全球税收制度的日益严格以及税收执法力度的日益加强在结构安排时应尽可能地保留灵活性
Structure should strive to preserve flexibility as tax regimes around the world tighten and tax enforcement becomes
more aggressive
20
7 与国企合作的有关问题 SOE Issues
bull 执行问题
Enforcement concerns
bull 国有资产和股权
State-owned assets and equity interests
ndash 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行
Transfers must be conducted via auction or public bidding at a public asset exchange center designated by
SASAC
ndash 此要求针对从建筑物机械等有形资产到股权土地使用权知识产权等无形资产的多种资产
Required for broad range of assets from tangible assets like buildings and machines to intangible assets
such as equity interests land use rights and intellectual property
ndash 适用于国家完全或部分拥有的资产国资委具有宽泛的裁量权
Applies to assets owned entirely or in part by the State SASAC has broad discretion
ndash 须由具有资质的评估人进行评估
Appraisal required by qualified appraiser
ndash 除非经国资委另行批准转让价格须高于或等于估定价值的90
Transfer price must be greater than or equal to 90 of appraised value unless otherwise approved by
SASAC
bull 政府鼓励投资政策及优惠
Government incentives
21
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
3 出口进口管制问题 ExportImport Control Issues
bull 中国技术进口出口问题
China Technology ImportExport Issues
ndash 进口和出口技术均分为三大类禁止类限制类和允许类管理的方式均不同
Both import and export technology are classified into three categories prohibited restricted and permitted which are
regulated differently
ndash 合同条款的若干法定限制包括
Several statutory limitations on contractual terms including
bull 强制保证 ndash 外国许可方必须确保
Mandatory Warranties ndash foreign licensor must guarantee that
ndash 其是技术的合法所有人或者有权授予技术许可
It is the legal owner of or the party with the right to license the technology
ndash 必须承担因被许可方使用被许可技术所产生的任何侵权责任
Must bear responsibility for any infringement liability resulting from licenseersquos use of the licensed technology
ndash 许可技术是ldquo完整无差错有效并能产生预期结果的rdquo The licensed technology is ldquocomplete error-free effective and able to achieve the intended resultsrdquo
bull 改进
Improvements
ndash 在协议有效期内改进属于改进方
During the term of the agreement improvements must be owned by the improving party
ndash 无法限制中方被许可方进行被许可技术的改进
Chinese licensee cannot be restricted from improving the licensed technology
bull 外方本国法律的适用性
Applicability of Foreign partyrsquos home country laws
ndash 例如美国对技术的出口管制问题
Eg US Export Control Issues on Technology
bull 许可要求取决于该技术的技术特点目的地最终用户和最终用途
License requirements are dependent upon an itemrsquos technical characteristics the destination the end-user and the end-use
17
4 出资 Capital Contributions
bull 现金出资
Cash contributions
bull 以知识产权作为资本出资
Contributing intellectual property as capital
ndash 就合资企业而言必须以所有权转让的形式
For EJV must be in the form of ownership transfer
ndash 就合作企业而言技术许可可作为ldquo合作条件rdquo
For CJV a technology license might form a ldquocooperative conditionrdquo
ndash 估值问题
Evaluation issues
bull 如果知识产权没有作为对合营企业的出资知识产权也可许可给合营企业并收取使用费此类使用费可作为对合营企业的资本出资（在税收流失后）
If IP is not contributed to JV may also be licensed for royalty and the royalty payment may be
contributed to JV as capital (after tax leakage)
bull 对外商投资企业子公司的出资
Capital contributions to subsidiaries of the FIE
ndash 对于在中国设立的非控股公司作为母公司的外商投资企业无法以其注册资本向子公司进行投资
For non-holding companies set up in China investment into subsidiaries cannot come from parent FIErsquos
registered capital
ndash 控股公司的特别规则 ndash 近期的外管局问题
Special rules for holding companies ndash recent SAFE issues
18
5 知识产权许可保护 IP Licensing Protection
bull 哪些知识产权技术作为出资转让或许可给合营企业
What IPtechnology gets contributedlicensed into the JV
bull 哪一方拥有对合营各方投入技术所作的改进
Who owns improvements made to each parentrsquos input technology
bull 合营各方及合营企业间是否存在对于技术改进的回授许可安排
Will there be license grant-backs among parents and JV for improvements
bull 许可的范围多广是否仅限于合营企业的经营范围
What will be the field of use for the license agreement - tied to JVrsquos business scope
bull 合营企业破产或解散后其知识产权技术如何处理
What happens to the JVrsquos IPtechnology upon bankruptcy or dissolution of the JV
bull 在哪些情况下合营一方可终止其技术许可
Under what circumstances can the technology license from a parent be terminated by such parent
bull 技术许可终止时合营各方根据相关协议仍将保留哪些权利
Upon such termination what surviving rights if any will the parties have under the agreement
19
6 税收考虑 Tax Considerations
bull 影响税收结构安排的ldquo大范围rdquo考虑因素
ldquoBig picturerdquo considerations that influence the tax structuring include
- 先前与跨国合营企业的相关经验
Prior experience with cross-border JVs
- 全球整体的税收和税收合规战略
Overall global tax and tax compliance strategy
- 风险状况
Risk profile
- 合营企业所取得收益的性质
Nature of the income to be earned by the JV
- 适用的税收条约
Applicable tax treaties
- 与知识产权相关的税收问题
IP-related tax issues
bull 合营各方需妥协
Parties may need to compromise
- 从中方外方母国和全球角度而言最为有效的结构安排
Structure has to be the most efficient from a Chinese Foreign home country and global perspective
bull 随着全球税收制度的日益严格以及税收执法力度的日益加强在结构安排时应尽可能地保留灵活性
Structure should strive to preserve flexibility as tax regimes around the world tighten and tax enforcement becomes
more aggressive
20
7 与国企合作的有关问题 SOE Issues
bull 执行问题
Enforcement concerns
bull 国有资产和股权
State-owned assets and equity interests
ndash 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行
Transfers must be conducted via auction or public bidding at a public asset exchange center designated by
SASAC
ndash 此要求针对从建筑物机械等有形资产到股权土地使用权知识产权等无形资产的多种资产
Required for broad range of assets from tangible assets like buildings and machines to intangible assets
such as equity interests land use rights and intellectual property
ndash 适用于国家完全或部分拥有的资产国资委具有宽泛的裁量权
Applies to assets owned entirely or in part by the State SASAC has broad discretion
ndash 须由具有资质的评估人进行评估
Appraisal required by qualified appraiser
ndash 除非经国资委另行批准转让价格须高于或等于估定价值的90
Transfer price must be greater than or equal to 90 of appraised value unless otherwise approved by
SASAC
bull 政府鼓励投资政策及优惠
Government incentives
21
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
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7 Times Square
New York NY 10036
United States
T +1-212-326-2000
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旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
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恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
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Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
4 出资 Capital Contributions
bull 现金出资
Cash contributions
bull 以知识产权作为资本出资
Contributing intellectual property as capital
ndash 就合资企业而言必须以所有权转让的形式
For EJV must be in the form of ownership transfer
ndash 就合作企业而言技术许可可作为ldquo合作条件rdquo
For CJV a technology license might form a ldquocooperative conditionrdquo
ndash 估值问题
Evaluation issues
bull 如果知识产权没有作为对合营企业的出资知识产权也可许可给合营企业并收取使用费此类使用费可作为对合营企业的资本出资（在税收流失后）
If IP is not contributed to JV may also be licensed for royalty and the royalty payment may be
contributed to JV as capital (after tax leakage)
bull 对外商投资企业子公司的出资
Capital contributions to subsidiaries of the FIE
ndash 对于在中国设立的非控股公司作为母公司的外商投资企业无法以其注册资本向子公司进行投资
For non-holding companies set up in China investment into subsidiaries cannot come from parent FIErsquos
registered capital
ndash 控股公司的特别规则 ndash 近期的外管局问题
Special rules for holding companies ndash recent SAFE issues
18
5 知识产权许可保护 IP Licensing Protection
bull 哪些知识产权技术作为出资转让或许可给合营企业
What IPtechnology gets contributedlicensed into the JV
bull 哪一方拥有对合营各方投入技术所作的改进
Who owns improvements made to each parentrsquos input technology
bull 合营各方及合营企业间是否存在对于技术改进的回授许可安排
Will there be license grant-backs among parents and JV for improvements
bull 许可的范围多广是否仅限于合营企业的经营范围
What will be the field of use for the license agreement - tied to JVrsquos business scope
bull 合营企业破产或解散后其知识产权技术如何处理
What happens to the JVrsquos IPtechnology upon bankruptcy or dissolution of the JV
bull 在哪些情况下合营一方可终止其技术许可
Under what circumstances can the technology license from a parent be terminated by such parent
bull 技术许可终止时合营各方根据相关协议仍将保留哪些权利
Upon such termination what surviving rights if any will the parties have under the agreement
19
6 税收考虑 Tax Considerations
bull 影响税收结构安排的ldquo大范围rdquo考虑因素
ldquoBig picturerdquo considerations that influence the tax structuring include
- 先前与跨国合营企业的相关经验
Prior experience with cross-border JVs
- 全球整体的税收和税收合规战略
Overall global tax and tax compliance strategy
- 风险状况
Risk profile
- 合营企业所取得收益的性质
Nature of the income to be earned by the JV
- 适用的税收条约
Applicable tax treaties
- 与知识产权相关的税收问题
IP-related tax issues
bull 合营各方需妥协
Parties may need to compromise
- 从中方外方母国和全球角度而言最为有效的结构安排
Structure has to be the most efficient from a Chinese Foreign home country and global perspective
bull 随着全球税收制度的日益严格以及税收执法力度的日益加强在结构安排时应尽可能地保留灵活性
Structure should strive to preserve flexibility as tax regimes around the world tighten and tax enforcement becomes
more aggressive
20
7 与国企合作的有关问题 SOE Issues
bull 执行问题
Enforcement concerns
bull 国有资产和股权
State-owned assets and equity interests
ndash 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行
Transfers must be conducted via auction or public bidding at a public asset exchange center designated by
SASAC
ndash 此要求针对从建筑物机械等有形资产到股权土地使用权知识产权等无形资产的多种资产
Required for broad range of assets from tangible assets like buildings and machines to intangible assets
such as equity interests land use rights and intellectual property
ndash 适用于国家完全或部分拥有的资产国资委具有宽泛的裁量权
Applies to assets owned entirely or in part by the State SASAC has broad discretion
ndash 须由具有资质的评估人进行评估
Appraisal required by qualified appraiser
ndash 除非经国资委另行批准转让价格须高于或等于估定价值的90
Transfer price must be greater than or equal to 90 of appraised value unless otherwise approved by
SASAC
bull 政府鼓励投资政策及优惠
Government incentives
21
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
5 知识产权许可保护 IP Licensing Protection
bull 哪些知识产权技术作为出资转让或许可给合营企业
What IPtechnology gets contributedlicensed into the JV
bull 哪一方拥有对合营各方投入技术所作的改进
Who owns improvements made to each parentrsquos input technology
bull 合营各方及合营企业间是否存在对于技术改进的回授许可安排
Will there be license grant-backs among parents and JV for improvements
bull 许可的范围多广是否仅限于合营企业的经营范围
What will be the field of use for the license agreement - tied to JVrsquos business scope
bull 合营企业破产或解散后其知识产权技术如何处理
What happens to the JVrsquos IPtechnology upon bankruptcy or dissolution of the JV
bull 在哪些情况下合营一方可终止其技术许可
Under what circumstances can the technology license from a parent be terminated by such parent
bull 技术许可终止时合营各方根据相关协议仍将保留哪些权利
Upon such termination what surviving rights if any will the parties have under the agreement
19
6 税收考虑 Tax Considerations
bull 影响税收结构安排的ldquo大范围rdquo考虑因素
ldquoBig picturerdquo considerations that influence the tax structuring include
- 先前与跨国合营企业的相关经验
Prior experience with cross-border JVs
- 全球整体的税收和税收合规战略
Overall global tax and tax compliance strategy
- 风险状况
Risk profile
- 合营企业所取得收益的性质
Nature of the income to be earned by the JV
- 适用的税收条约
Applicable tax treaties
- 与知识产权相关的税收问题
IP-related tax issues
bull 合营各方需妥协
Parties may need to compromise
- 从中方外方母国和全球角度而言最为有效的结构安排
Structure has to be the most efficient from a Chinese Foreign home country and global perspective
bull 随着全球税收制度的日益严格以及税收执法力度的日益加强在结构安排时应尽可能地保留灵活性
Structure should strive to preserve flexibility as tax regimes around the world tighten and tax enforcement becomes
more aggressive
20
7 与国企合作的有关问题 SOE Issues
bull 执行问题
Enforcement concerns
bull 国有资产和股权
State-owned assets and equity interests
ndash 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行
Transfers must be conducted via auction or public bidding at a public asset exchange center designated by
SASAC
ndash 此要求针对从建筑物机械等有形资产到股权土地使用权知识产权等无形资产的多种资产
Required for broad range of assets from tangible assets like buildings and machines to intangible assets
such as equity interests land use rights and intellectual property
ndash 适用于国家完全或部分拥有的资产国资委具有宽泛的裁量权
Applies to assets owned entirely or in part by the State SASAC has broad discretion
ndash 须由具有资质的评估人进行评估
Appraisal required by qualified appraiser
ndash 除非经国资委另行批准转让价格须高于或等于估定价值的90
Transfer price must be greater than or equal to 90 of appraised value unless otherwise approved by
SASAC
bull 政府鼓励投资政策及优惠
Government incentives
21
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
6 税收考虑 Tax Considerations
bull 影响税收结构安排的ldquo大范围rdquo考虑因素
ldquoBig picturerdquo considerations that influence the tax structuring include
- 先前与跨国合营企业的相关经验
Prior experience with cross-border JVs
- 全球整体的税收和税收合规战略
Overall global tax and tax compliance strategy
- 风险状况
Risk profile
- 合营企业所取得收益的性质
Nature of the income to be earned by the JV
- 适用的税收条约
Applicable tax treaties
- 与知识产权相关的税收问题
IP-related tax issues
bull 合营各方需妥协
Parties may need to compromise
- 从中方外方母国和全球角度而言最为有效的结构安排
Structure has to be the most efficient from a Chinese Foreign home country and global perspective
bull 随着全球税收制度的日益严格以及税收执法力度的日益加强在结构安排时应尽可能地保留灵活性
Structure should strive to preserve flexibility as tax regimes around the world tighten and tax enforcement becomes
more aggressive
20
7 与国企合作的有关问题 SOE Issues
bull 执行问题
Enforcement concerns
bull 国有资产和股权
State-owned assets and equity interests
ndash 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行
Transfers must be conducted via auction or public bidding at a public asset exchange center designated by
SASAC
ndash 此要求针对从建筑物机械等有形资产到股权土地使用权知识产权等无形资产的多种资产
Required for broad range of assets from tangible assets like buildings and machines to intangible assets
such as equity interests land use rights and intellectual property
ndash 适用于国家完全或部分拥有的资产国资委具有宽泛的裁量权
Applies to assets owned entirely or in part by the State SASAC has broad discretion
ndash 须由具有资质的评估人进行评估
Appraisal required by qualified appraiser
ndash 除非经国资委另行批准转让价格须高于或等于估定价值的90
Transfer price must be greater than or equal to 90 of appraised value unless otherwise approved by
SASAC
bull 政府鼓励投资政策及优惠
Government incentives
21
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
7 与国企合作的有关问题 SOE Issues
bull 执行问题
Enforcement concerns
bull 国有资产和股权
State-owned assets and equity interests
ndash 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行
Transfers must be conducted via auction or public bidding at a public asset exchange center designated by
SASAC
ndash 此要求针对从建筑物机械等有形资产到股权土地使用权知识产权等无形资产的多种资产
Required for broad range of assets from tangible assets like buildings and machines to intangible assets
such as equity interests land use rights and intellectual property
ndash 适用于国家完全或部分拥有的资产国资委具有宽泛的裁量权
Applies to assets owned entirely or in part by the State SASAC has broad discretion
ndash 须由具有资质的评估人进行评估
Appraisal required by qualified appraiser
ndash 除非经国资委另行批准转让价格须高于或等于估定价值的90
Transfer price must be greater than or equal to 90 of appraised value unless otherwise approved by
SASAC
bull 政府鼓励投资政策及优惠
Government incentives
21
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
8 避免同业竞争 Non-compete
bull 合营企业的经营是否会有地域限制
Will operations of JV be geographically restricted
bull 合营各方与合营企业之间的非竞争限制是怎样的
What about non-compete restrictions between each party and the JV
bull 在中国的新机会是否必须先提供给合营企业之后才能由合营各方独立利用
Do new opportunities in China have to be first brought to JV before either party can explore
independently
bull 执行问题
Enforcement issues
ndash 案例达能 诉 娃哈哈
Eg Danone vs Wahaha
22
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
9 争议解决 Dispute Resolution
bull 各色法律的ldquo大集中地rdquo分散化的中国相较于集中化的中国
The ldquogreat patchworkrdquo of laws fragmented vs centralized China
bull 中国的法院不像诸多海外体系那样成熟
Chinese courts not as sophisticated as many foreign systems
ndash 腐败和偏见问题
Corruption and bias issues
ndash 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权
Judges have broad discretion on both issues of law and issues of fact
bull 一般倾向于境外仲裁
Offshore arbitration generally preferred
ndash 香港常常被视为可接受的仲裁地
Hong Kong often considered acceptable
ndash 欧洲（斯德哥尔摩）仲裁亦有可能
European (Stockholm) arbitration possible
ndash 中国仲裁（中国贸仲委）也被视为可能的替代性选择
Chinese arbitration (CIETAC) also considered possible alternative
bull 外国法院的裁决不能在中国直接执行
Foreign court awards not directly enforceable in China
bull 外国仲裁裁决
Foreign arbitration awards
ndash 金钱损害赔偿 ndash 如中国公司在中国境外有资产一般可根据《纽约公约》在中国境内和境外均得到执行
Monetary damages ndash generally enforceable under New York Convention both inside China and outside China if the Chinese
company has assets outside China
ndash 实际履行 ndash 境外仲裁机构下达的初步禁制令在中国不可执行实际履行理论上可得到执行但更倾向于寻求金钱损害赔偿
Specific performance ndash preliminary injunctions by offshore arbitrators not enforceable in China specific performance enforceable
in theory but monetary damages preferred
23
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
10 退出策略 Exit Strategy
bull 您的退出战略将会如何
What will your exit strategy be
ndash 全盘收购
Buyout
ndash 向第三方转让股份
Share transfer to third parties
ndash 上市（地点纽约香港还是中国内地）
IPO (where NY Hong Kong China)
bull 何种转让限制应该可以施加
What kind of transfer restrictions shouldcan be imposed
ndash 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止
Chinese JV law generally mandates complete bar of transfer without consent of other JV party
bull 买入卖出选择权的可执行性
Enforceability of callput options
24
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
The End
25
问答时间
Any Questions
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人同时也是并购业务部的成员李律师自1997年以来在香港和上海共执业超过14年他的执业范围包括并购私募股权投资和公司融资他主要为跨国公司中国公司以及基金客户就其跨境并购和直接投资项目提供法律意见 鉴于其ldquo高水平的法律服务rdquo和ldquo执业经验rdquo《亚太法律500强》2009mdash2010年版特别推荐了李强律师2012版《国际金融法律评论1000强》（IFLR1000）也将李律师评为顶级律师 李律师近年来的经历包括
bull 协助美国一家ldquo财富100强rdquo公司2011年收购一家新加坡注册的跨国企业 bull 协助中国一家知名航空公司25亿元人民币点心债券的发行 bull 协助美国一家ldquo财富100强rdquo公司2011年与一家中国大型国有企业进行战略合作 bull 协助一家美国大型化工企业收购一家台湾化工企业 bull 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资 bull 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资 bull 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产 bull 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资 bull 协助一家多边组织收购中国某大型银行的部分股权 bull 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售 bull 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟
学历 哥伦比亚大学法学院法学博士1997 纽约大学理学硕士1992 复旦大学理学士1988
专业活动
会员上海律师协会航空法协会创始理事
出版物在ldquoInside the Minds Best Practices for International Business Transactions in Chinardquo一书中撰写章节（合著）ldquoAssessing the State of MampA in Chinardquo（中国并购现状调查）该书于2011年由Thomson 路透社旗下Aspatore出版ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo2007年China Law UpdateCCH出版在《中国投资手册》一书第一卷中撰写章节（合著）ldquo争议解决rdquo
语言汉语普通话上海方言英语
合伙人 qliommcom
常驻代表处
中国上海 200040
南京西路1266号
恒隆广场1号楼37层
电话+86-21-2307-7018
传真+86-21-2307-7300
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
Qiang Li
27
Qiang Li is the managing partner of OrsquoMelvenyrsquos Shanghai office and a member of the Mergers amp Acquisitions Practice Qiang has been practicing in Hong Kong and Shanghai since 1997 His practice covers mergers and acquisitions private equity investment and corporate finance He advises multinational and Chinese corporate and fund clients on their cross-border MampA and direct investment projects Qiang has significant experience in representing Chinese airline companies in aviation finance He is also a founding board member of the Aviation Law Society of Shanghai Law Society
Qiang Li is recommended by the Legal 500 Asia Pacific 200910 for his ldquohigh-calibre legal servicerdquo and ldquobusiness experiencerdquo
Recently Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000
Qiangs recent experience includes advising
bull A leading Chinese airline company in its RMB25 billion dim sum bond issuance in 2011 bull A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 bull A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 bull A major US chemical company in its acquisition of a Taiwan chemical company bull A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao bull A European real estate investment fund in the acquisition financing and re-financing of a series of real estate projects in various
parts of China bull A major US multinational company with a household name in a series of purchases and dispositions of China-based business
assets bull A major European bank in its lease financing of a major recreational facility in Beijing bull A multilateral organization in its acquisition of a stake in a major Chinese bank bull A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong
Stock Exchange bull A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong
Stock Exchange
Education Columbia University JD 1997 New York University MS 1992 Fudan University BS 1988
Professional Activities
Member Founding board member of Aviation Law Society of Shanghai Law Society Publications ldquoAssessing the State of MampA in Chinardquo (co-author) in Inside the Minds Best Practices for International Business Transactions in China 2011 edition published by Aspatore ldquoThe New MampA Code and the New Takeover Rules Impact on Future MampA Transactionsrdquo China Law Update CCH (2007) ldquoDispute Resolutionrdquo (co-author) China Investment Manual Volume I
Languages Mandarin Chinese Shanghainese English
Qiang Li
Partner qliommcom
Resident Office
Shanghai
Plaza 66 Tower 1
37th Floor
1266 Nanjing Road W
Shanghai 200040
Peoplersquos Republic of China
Telephone
+86-21-2307-7018
Facsimile
+86-21-2307-7300
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
美迈斯律师事务所简介 Firm Overview
28
美迈斯成立于1885年作为一家大型国际律师事务所我们在亚洲美国及欧洲设有15间办公室约800名律师
OrsquoMelveny amp Myers was founded in 1885 We are an international law firm with approximately 800 lawyers in 15
offices in Asia the United States and Europe
美迈斯来到亚洲已有20多年在亚洲主要金融中心-北京香港上海东京新加坡和雅加达设有5间办公室拥有逾150名专业服务人员
OrsquoMelveny amp Myers has been in Asia for more than two decades with over 150 legal professionals in five offices
in Asiarsquos key financial bubs of Beijing Hong Kong Shanghai Tokyo Singapore and Jakarta
我们代表的客户范围广泛有家族自营企业也有全球最大的公司有处于创业初期的风险投资者也有大型另类资产管理公司得益于广泛的专业涉猎我们能为客户提供众多执业领域和市场的协调一致专业化且具有创新性的法律意见
We represent a broad spectrum of clients ranging from family-owned businesses to some of the worldrsquos largest
corporations and early-stage venture investors through to bulge-bracket alternative asset managers Our broad
expertise enables us to provide coordinated expert and innovative legal advice in an extensive range of practice
areas and markets
私募股权房地产和并购是我们的主要业务领域我们在私募股权的所有领域均具备丰富的经验从基金设立到结构设计从融资收购和处置到复杂股权持有人安排的谈判及执行
Private equity real estate and MampA are at the core of our transactions practice We have extensive experience
in all areas of private equity ranging from fund formation to structuring financing and executing acquisitions and
disposals to negotiating and implementing complex equity holder arrangements
美迈斯尤其擅长为基金经理提供其所需要的增值战略性建议本所在为私募股权基金提供服务方面经验丰富擅长处理房地产基金的设立以及其他法律和商务问题
OrsquoMelveny is particularly well-suited to provide the kind of value-added strategic advice that the fund manager
would be looking for in its counsel given our wealth of experience advising private equity fundsmdashincluding real
estate-focused fundsmdashon establishment matters and other legal and business issues
我们在提供客户服务中的创造力创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之选无论是资产价值最大化亦或是最大限度降低潜在责任或只是完成交易我们都能想客户所想帮助他们实现目标
Our creativity innovation and commitment to client service have earned us a reputation as the firm of choice for
many of the worldrsquos leading companies and financial institutions Our clientrsquos critical objectives are our focus
whether that be maximising the value of their assets minimising potential liabilities or simply getting the deal
done
全球最大最领先的律所之一
Among the worldrsquos largest and most pre-
eminent law firms
全球平台本地视角 Global platform with strong cultural ties
to our local markets
本所800多名律师分布于全球各大城市或金融中心的15间办公室
800 lawyers working from 15 offices
located in the hub of global financial
centers
本所成功得益于我们的价值观追求卓越争做行业先导强调公民责任感 Success guided by our values for
uncompromising excellence distinctive
leadership and superior citizenship
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
美迈斯全球分布Global Coverage
29
approximately 800 lawyers
15 offices 3 continents 23 languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城
新港滩
纽约
华盛顿特区
北京
布鲁塞尔
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
荣誉和业界评价Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业绩（2008-2009年）
《钱伯斯美国法律指南》表彰了美迈斯的64名律师和37个执业领域
（2010年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
ldquo一家令人尊敬的律所备受华盛顿各界推崇rdquo
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
《2009国际金融法律评论1000强》将美迈斯评选为欧盟竞争法银行资本市场并购私募股权重组以及破产领域全球领先的律所
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
在《美国律师》2009年公司评比中位列债券发行人法律顾问的第一位2008年完成了48项投资级别的债券发行交易超过了任何其他律所
《钱伯斯全球法律指南》表彰了美迈斯的24名律师和22个执业领域
（2011年）
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
《全国法律期刊》连续两年将美迈斯列为ldquo一流上诉律所rdquo之一以表彰本所在处理ldquo高等法院最重要的案件rdquo中的成功业
绩（2008-2009年）
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
（2011年）
《全球仲裁评论》将美迈斯列为全球领先的仲裁律所之一
（2010年）
美迈斯的娱乐体育和媒体业务在2011年《钱伯斯法律指南》的钱伯斯美国法律大
奖的评选中获得了最高奖
（2011年）
美迈斯连续两年被《国际私募股权》和《亚洲私募股权》列为亚洲最佳律
所（基金设立）
（2011-2012年）
《证券法360》将本所评为四家最顶级的证券诉讼律所之一（2009年）
在2012年《国际金融法律评论》1000强排名中18名美迈斯律师获得了ldquo领先律师rdquo的
特别嘉许
《公司董事会成员》杂志将美迈斯评为20家最佳公司律所之一
（2008-2009年）
《美国律师》杂志再次将美迈斯评为美国顶级诉讼律所
（2012年）
《亚太法律500强》 推荐了美迈斯的21个执业领域其中就推荐本所在印度尼西亚执业的众多业务领域中为ldquo业界领先的律师rdquo包括结构化融资和证券化重组和破产公司和并购银行和融
资资本市场项目和能源
（2012年）
31
荣誉和业界评价Awards and Recognitions
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
在亚洲的创新及领导地位 Innovation and Leadership in Asia
32
在中国
In China we
bull 为一些最早且最知名的中美合营项目提供法律服务
bull Led some of the earliest and most prominent US-China joint ventures
bull 为一家中美合资电厂项目首次获得中国国务院的批准
bull Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project
bull 为一家独立风险投资机构在华设立首支人民币基金
bull Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm
bull 代表客户就向中国许可一项美国核心技术进行谈判
bull Negotiated the first-ever licensing of US core technology in China
bull 就首个大型不良资产投资组合的出售为客户提供法律服务
bull Conducted the first-ever large-scale portfolio sale of non-performing loans
在日本
In Japan we
bull 为一家日本上市公司实施ldquo毒丸rdquo计划提供结构设计方面的建议
bull Structured the first-ever ldquopoison pillrdquo adopted by a Japanese-listed company
bull 代表客户处理日本历史上首笔ldquo高收益rdquo发行交易
bull Handled the first-ever ldquohigh-yieldrdquo issuance in Japanrsquos history
bull 完成了日本历史上最大的一笔杠杆全面收购交易
bull Closed one of the largest leveraged buyout transactions in Japanese history
bull 成立了首个日本房地产投资信托并完成上市
bull Formed and listed the first-ever Japanese REIT
在其他地区
In other areas we
bull 安排了菲律宾首个财团备用信用证贷款
bull Arranged the Philippinesrsquo first-ever syndicated standby letter of credit facility
bull 为韩国首个未来现金流证券化交易进行结构设计
bull Structured Korearsquos first-ever future-flow securitization transaction
bull 处理了亚洲最大的住宅抵押证券化交易
bull Handled Asiarsquos largest residential mortgage-backed securitization
bull 正在为客户处理一笔最大的新兴市场重组交易
bull Are working on the largest emerging markets restructuring transaction
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
领先的亚洲业务Market-leading Asia Practice
33
bull 东京代表处由25余位律师组成－包括辩护律师和美国律师
bull Tokyo office is comprised of approximately 25 lawyers ndash including
bengoshi and US lawyers
bull 二十余年在亚洲代理客户的经验
bull More than two decades of experience representing clients across Asia
bull 无可匹敌的中国业务常驻北京香港和上海三家代表处约100余位法律专业人士
bull An unmatched practice in China with approximately 100 legal
professionals in Beijing Hong Kong and Shanghai
bull 雅加达和新加坡代表处在东南亚地区提供一流服务
bull Jakarta and Singapore offices provide top-tier services across Southeast
Asia
bull 亚洲平台涵盖日本韩国台湾泰国越南和其它亚洲重点国家
bull Platform includes coverage spanning Japan Korea Taiwan Thailand
Vietnam and other key Asia nations
《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰（包
括对本所在争议解决仲裁投资基金组建人民币基金私募股权投资以及重组破产领域的服务给予一流评价－表彰几
乎覆盖本所全体亚洲合伙人而且对这些执业领域的表彰几乎超过任何其它国际律师事务所）
Chambers Asia recognizes 17 lawyers and 23 practice areas
(including top tier rankings in Dispute Resolution Arbitration
Investment Funds RMB Fund Formation Private Equity
Venture Capital Investment and RestructuringInsolvency ndash
representing nearly all of our Asia partners and more practice
recognitions in these categories than almost any other
international firm)
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
美迈斯业界领先的中国业务 OrsquoMelveny has the leading practice in China
34
bull 在中国的悠久历史
Long History in China
ndash 首批获得中国政府许可在北京和上海两地设立办事处的国际律所
ndash One of the first international law firms licensed by the Chinese government to maintain offices in both
Beijing and Shanghai
ndash 首批在上海设立办事处的美国律所该上海办事处是大陆地区所有外资律所中规模最大的
We were among the very first US law firms to establish a Shanghai office and ours is one of the largest
mainland offices of all international law firms
bull 香港中国和国际法
Hong Kong China and International Law
ndash 首批获准在香港执业的美国律所
ndash One of the first US firms licensed to practice Hong Kong law
ndash 本所律师具备丰富的经验熟悉能源并购一般公司问题以及监管事宜在内的诸多香港法律问题
ndash Lawyers experienced in advising on a broad range of Hong Kong law matters including energy MampA
general corporate and regulatory work
ndash 非常熟悉中国市场在各类本地以及跨境事务中与中国内资所紧密合作
Extensive knowledge of the China market and work closely with local law firms on local and cross-border
matters
bull 诉讼和非诉讼业务
Transactional and Dispute Resolution
ndash 人员配备能满足客户大型交易的需要工作团队能以中英文双语进行尽职调查监管申报谈判文档起草及交割等事宜
ndash Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due
diligence regulatory filings negotiations documentation and closings in both English and Chinese
ndash 争议解决团队具备丰富的经验能解决多数亚洲国家和地区的争议
Experienced dispute resolution team has advised on contentious situations involving most Asian
jurisdictions
大中华地区拥有100多名律师办公室分布于北京上海和香港整个中国业务组就配有20名合伙人
100+ lawyers in Greater China Offices in
Beijing Shanghai and Hong Kong and 20
partners exclusively in the China practice
group
美国新加坡日本和英国与中国办公室的中国业务团队紧密合作
China practice teams in the United States
Singapore Japan and the United Kingdom
that work closely with our China offices
被认为是任何国际律所中最优秀的中国业务组
Regarded as one of the preeminent China
practices of any international law firm
作为向客户和朋友们提供的一项服务本所经常就中国法律领域的热点问题发表深度报告
Publishers of in-depth reports on areas of
current interest in Chinese law as a service to
our clients and friends
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35
洛杉矶 400 South Hope Street
Los Angeles
CA 90071-2899
United States
T +1-213-430-6000
F +1-213-430-6407
新港滩 610 Newport Center Drive
17th Floor
Newport Beach CA 92660
United States
T +1-949-760-9600
F +1-949-823-6994
纽约 Times Square Tower
7 Times Square
New York NY 10036
United States
T +1-212-326-2000
F +1-212-326-2061
旧金山 Two Embarcadero Center
28th Floor
San Francisco
CA 94111-3823
United States
T +1-415-984-8700
F +1-415-984-8701
上海 中国上海市南京西路1266号
恒隆广场1号楼37层
邮政编码200040
T +86-21-2307-7000
F +86-21-2307-7300
新加坡 9 Raffles Place
22-0102 Republic Plaza 1
Singapore 048619
T +65 6593 1800
F +65 6593 1801
东京 Meiji Yasuda Seimei
Building 11th Floor
2-1-1 Marunouchi
Chiyoda-ku
Tokyo 100-0005
Japan
T +81-3-5293-2700
F +81-3-5293-2780
华盛顿特区 1625 Eye Street NW
Washington DC 20006
United States
T +1-202-383-5300
F +1-202-383-5414
北京 中国北京市建国门外大街2号
银泰中心C座37层
邮政编码100022
T +86-10-6563-4200
F +86-10-6563-4201
布鲁塞尔 Blue Tower
326 Avenue Louise
Brussels 1050
Belgium
T +32-2-642-4100
F +32-2-642-4190
世纪城 1999 Avenue of the Stars
7th Floor
Los Angeles
CA 90067-6035
United States
T +1-310-553-6800
F +1-310-246-6779
香港 中国香港特别行政区中环
干诺道1号AIG大厦31层
T +852-3512-2300
F +852-2522-1760
伦敦 Warwick Court
5 Paternoster Square
London EC4M 7DX
England
T +44-20-7088-0000
F +44-20-7088-0001
雅加达 The Plaza Office Tower
41st Floor
Jl M H Thamrin Kavling 28-30
Jakarta 10350
Indonesia
T +6221-2992-1988
F +6211-2992-8198
美迈斯律师事务所与印度尼西亚Tumbuan amp
Partners律师事务所合作
硅谷 2765 Sand Hill Road
Menlo Park CA 94025-7019
United States
T +1-650-473-2600
F +1-650-473-2601
美迈斯全球分布Our Offices
35