Akin Gump Strauss Hauer & Feld LLP (JD Supra China)

The U.S. government has recently imposed controls pertaining to “Communist Chinese Military Companies” (CCMCs or “1237 entities”); Chinese “Military End Users” (MEUs); and Chinese “Military-Intelligence End Users” (MIEUs). The U.S. government has also been adding Chinese companies to the Entity List based on concerns regarding the companies’ relationships to the Chinese military industrial...

CBP has issued a “region-wide” WRO on cotton and tomato products “grown or produced” by entities “operating in” the XUAR. In a press release, CBP states that the order covers “apparel, textiles, tomato seeds, canned tomatoes, tomato sauce, and other goods made with cotton and tomatoes.” Unless or until the agency clarifies the scope of the order, and consistent with the underlying statute,...

This alert outlines the recent potentially seismic shifts in the Fintech regulatory landscape affecting the regulation and commercial business model of China’s online micro-lending company ("MLC") sector – a part of the Mainland economy that has become systemically important, with large, internationally well-known players such as Tencent, ANT Group, Ping An and Lufax playing a highly visible role.

It was reported on November 3, 2020, that the Shanghai Financial Court had recognized an August 2018 Hong Kong judgment, which ordered a Mainland Chinese company, CEFC Shanghai International Group Limited (“CEFC”), to pay a substantial amount to a noteholder on account of a so-called ‘keepwell’ deed. If the reporting is accurate (the Shanghai decision is not currently publicly available in...

1. Greater China’s Stock Markets Power Ahead - With governments looking to boost the growth of domestic equity markets, the Hong Kong Stock Exchange (HKEx) has been trumpeting the benefits of its new regimes for emerging and innovative companies—moves which have successfully attracted leading tech businesses such as Alibaba, JD.com and NetEase. Over the border, the recently incepted Shanghai...

The National People’s Congress in China has today adopted a resolution paving the way for a new national security law to apply to Hong Kong. The law is expected to focus on the prevention and punishment of secession, the subversion of state power, the organization and conduct of terrorist activities and foreign interference in Hong Kong affairs.

- On April 16, 2020, the Chinese competition authority finally announced its conditional approval of Nvidia’s $6.9 billion acquisition of Mellanox. - The Chinese SAMR approved the acquisition after a yearlong investigation largely focused on conglomerate effects (during Phase II of the second cycle). - Interestingly, given the political sensitivity of the deal and the potential impact on...

ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd. a $29 million penalty. According to the Fed’s Cease and Desist Order, a recent examination of the Bank’s New York, Chicago, and Silicon Valley branches “disclosed significant...

ANTICORRUPTION DEVELOPMENTS – Keppel Offshore Reaches Deal with DOJ and Guilty Plea by Counsel Unsealed – On December 22, 2017, Keppel Offshore & Marine Ltd. (KOM), a Singapore based company that operates shipyards and repairs and upgrades shipping vessels, and its wholly owned subsidiary, Keppel Offshore & Marine USA Inc. (KOM USA), agreed to pay more than $422 million to resolve the...

• The SFC has identified nine common areas of non-compliance in managing funds and discretionary accounts. • The SFC urged licensed corporations to review their existing internal control procedures and operational capabilities to avoid non-compliant practices or implication in associated market misconduct.

ANTICORRUPTION DEVELOPMENTS - Alere Inc. Agrees to Pay More Than $13 Million to Resolve SEC FCPA Enforcement Action - On September 28, 2017, Alere Inc. (“Alere”), a Massachusetts based manufacturer of medical diagnostic and testing equipment, submitted an Offer of Settlement to the Securities and Exchange Commission (SEC), resulting in an administrative Cease and Desist Order resolving the...

ANTICORRUPTION DEVELOPMENTS - U.K. Opens Corruption Investigation of Rio Tinto over Guinea Operations - On July 24, 2017, the United Kingdom’s Serious Fraud Office (SFO) announced that it had opened an investigation into the mining giant Rio Tinto PLC after the company allegedly made payments to a contractor in Guinea to secure mining rights to Guinea’s valuable iron ore reserves in the...

ANTICORRUPTION DEVELOPMENTS - Steven Peikin Reported to Become Co-Director of SEC’s Enforcement Division - On May 26, 2017, The Wall Street Journal reported that recently confirmed Commissioner Jay Clayton will hire Steven Peikin to serve as Co-Director of the Securities and Exchange Commission (SEC) Enforcement Division. Mr. Peikin, a partner at the same prominent law firm as Mr. Clayton,...

Anticorruption Developments - Former Magyar Telekom Executives Reconcile Bribery Charges - April 24, 2017, the US Securities and Exchange Commission (SEC) announced that the Hungarian telecommunications company Magyar Telekom's two former executives agreed to reconcile the FCPA's allegations. Immediately before the two executives were ordered to be interrogated by the FCPA allegations,

After a record-breaking 2016 for Chinese companies’ investments in the film industry, changes to Chinese foreign investment policy have created uncertainty for the future of Hollywood’s relationship with the Middle Kingdom....

Since China opened its borders to foreign cinema, Hollywood films have done extremely well in the Chinese market. For instance, in 2015, Furious 7 broke the record for the highest box-office returns in China. This film, and many other Hollywood products, are transplanted into the Chinese market, rather than developed with a Chinese audience in mind. However, after Furious 7 broke its box-office...

On February 19, 2016, the Committee on Foreign Investment in the United States (CFIUS) released its annual report to Congress. CFIUS is an interagency committee that reviews the national security risks associated with investments that could result in foreign control of U.S. businesses, known as “covered transactions.” This report summarizes CFIUS activity in 2014, which is the most recent year...

On February 19, 2016, the Committee on Foreign Investment in the United States (CFIUS) released its annual report to Congress. CFIUS is an interagency committee that reviews the national security risks associated with investments that could result in foreign control of U.S. businesses, known as “covered transactions.” This report summarizes CFIUS activity in 2014, which is the most recent year...

The stakes are high, but sometimes it is difficult to predict which films will secure one of the vaunted 34 slots. China does not have any film laws on the books to guide this process; however, its film regulatory agency occasionally makes statements to guide the production of film and television towards more state-friendly topics. While helpful, these statements are not always clear bans or...

Introduction - On May 22, 2015, the Hong Kong Securities and Futures Commission (“SFC”) and the China Securities Regulatory Commission (“CSRC”) issued a joint announcement on the decision to implement the Mainland-Hong Kong Mutual Recognition of Funds Scheme (the “Scheme”) and signed a Memorandum of Regulatory Cooperation on Mainland-Hong Kong Mutual Recognition of Funds, which will allow...

The China Securities Regulatory Commission (CSRC) has issued draft rules for consultation purposes relating to the proposed investment by foreign investors and dealing by foreign brokerages in futures contracts in the People’s Republic of China (PRC) on 31 December 2014 (the Draft Guidelines). The deadline for the consultation contemplated by the Draft Guidelines is 31 January 2015. It is...

On May 19, 2014, the State Administration of Foreign Exchange (“SAFE”) released provisions aiming to simplify the existing process and ease approval requirements for foreign guarantees in China and further broaden the scope and circumstances for the provision of foreign guarantees in cross-border transactions.

The Chinese government investigation of GlaxoSmithKline (GSK) for alleged bribery has been front page news in China for several weeks. The press has also featured numerous other stories about a broader investigation into corruption and other possible criminal violations of foreign pharmaceutical and food supplement firms in China.