On 27 September 2017, our partner Mr. Stephen Wong was invited by “zhi10.com” to host an E–class with the topic “How to Obtain a Financial License in Hong Kong”.

Mr. Wong shared six issues of Hong Kong financial license including license application; financial resources; management structure; full licensed representatives, responsible officers, substantial shareholders, senior officers and the others; and additional requirements of Type 6 and 9 licenses applications. Mr. Wong hopes that people and enterprises have better understanding about Hong Kong financial license through this online seminar.

The E-class received positive feedback and the registered users of “zhi10.com” can watch the recorded seminar online.

“zhi10.com” is a renowned online legal education platform in mainland China, which has previously invited a number of distinguished practitioners from top law firms. Having a strategic association with AllBright Law Offices, one of the nation’s best law firms, Stevenson, Wong & Co. has a profound experience and knowledge in both China and Hong Kong with a comprehensive network in the two jurisdictions. SW was delighted to have the opportunity to give the online seminar for “zhi10.com” and the firm looks forward to joining more events to connect with mainland China.

Please contact Mr. Stephen Wong for any enquiries or further information about this seminar.

The award ceremony of 2017 Deloitte Technology Fast 20 (TF20) and Rising Star Programs was successfully held in the Auditorium of Hong Kong Exchanges and Clearing Limited on 27 September 2017. Mr. Hank Lo, our partner and head of Corporate Finance, is honoured to be invited to the event and presented the awards to the top five winners of the TF20 program. They are WeLab Holdings Limited, SenseTime Group Inc., GoGo Tech Holdings Limited, MoneyHero Global Limited and Weigang Holdings (Hong Kong) Limited.

For the Rising Star Program, 10 companies including Klook and TNG (Asia) Limited have been recognised for their viable business models and strong growth potentials. The winners came from a wide spectrum of industries, including FinTech, artificial intelligence, software, hardware, biotech, media and e-commerce.

Mr. Hank Lo (first from the left) and the representatives of the top five winners of the TF20 program

From left to right: Ms. Cecilia Wong, Ms. Cornelia Chu, Mr. Hank Lo, Mr. Terence Lau, Mr. Peter Loo, and Ms. Christine Cheung

“Stevenson, Wong is proud to be the diamond sponsor of the TF20 program. We are convinced that technology is only going to play a more and more important role in the ecosystem and competitiveness of a business. We want to be part of the process and support tech start-ups in Hong Kong leveraging on our wealth of experience in fund raising and IPOs,” said Mr. Lo.

Please contact Mr. Hank Lo, Ms. Cornelia Chu or Mr. Terence Lau for any enquiries or further information about this event.

On 25 September 2017, our legal executives from our Banking Department, Mr. Man Wong and Ms. Hebe Au were invited by Bank of Communications (Kowloon Business Services Centre) to present the topic of “The Risk and Consideration for Banks in respect of Mortgages for Village Houses in New Territories”. The seminar was attended by approximately 20 Business Services Managers. The seminar covered issues when acquiring small houses in the New Territories such as building procedures, risk assessment of mortgage, rights-of-way, illegal acquisition of small houses and unauthorized building works.

Please contact our Mr. Eric Lui or Mr. Wong for any enquiries or further information about this event.

On 25 September 2017, SW Partner and Head of Litigation and Dispute Resolution Department Ms. Heidi Chui was invited to attend Arbitration Reception and Seminar hosted by The Law Society of Hong Kong at Justice Place of the Department of Justice. The Official Ceremony of Solicitor Arbitrator Panel was launched during the reception. Ms. Chui was glad to be one of the 24 solicitor arbitrators among ten thousand solicitors in Hong Kong. She also discussed with Secretary for Justice Mr. Rimsky Yuen about the opportunities of One Belt One Road and cultivation of legal talents.

Secretary for Justice Mr. Rimsky Yuen, Present of Law Society Mr. Thomas So, Past Chairman of HKIAC Mr. Huen Wong, Chairperson of East Asia Branch of Chartered Institute of Arbitrators Ms. Mary Thompson, with the panel members of Law Society of Hong Kong’s solicitor arbitrators.

From left to right: Solicitor General Mr. Wesley Wong, HKLS President Mr. Thomas So, Secretary for Justice Mr. Rimsky Yuen, Huen Wong, Council Member Ms. Bonita Chan and Ms. Cecilia Wong, Ms. Heidi Chui

The event started by the welcome speech of the Secretary for Justice Mr. Rimsky Yuen and the President of the Law Society Mr. Thomas So. The ceremony was attended by Mr Huen Wong, The post chairman of Hong Kong International Arbitration Centre; Mr. Wesley Wong, Solicitor General and so forth. Department of Justice becomes an important role in promoting Hong Kong to be an international arbitration center in the Asia-Pacific region.

Please contract Ms. Heidi Chui for any inquiry or further information.

Under the Foreign Investment Catalogue Guide (Revision 2017), foreign investment in medical institutions is always highly restricted. In China, Medical institutions can only be established in the form of an equity joint venture or cooperative joint venture. Besides, foreign investors may face operational difficulties due to a strict and time-consuming approval procedure.

In August 2017, National Health and Family Planning Commission (“ NHFPC”) released 《关于深化“放管服”改革激发医疗领域投资活动的通知》(“the Circular”), with the aim to deepen the reform in the field of public healthcare. The Circular sets out a series of reform measures to encourage foreign investment in the medical industry, the key points are summarized below:

1. Application to set up an internal clinic in a nursing home is no longer required whereas approval was required under the previous policy.

Previously, foreign investors must apply to set up a practice with registration and license at the relevant health and family planning department under the Ministry of Civil Affairs, Health and Family Planning Commission on the Licensing for Medical Institutions, Functions of Elderly Care, which took effect in 2006. Now, the filing system under the Circular simplifies the set up process of clinics in nursing homes. Undoubtedly, the elderly in nursing homes will benefit from these changes.

2. Medical institutions are further classified under various subtypes including rehabilitation centers, nursing centers, central sterile supply department, health examination centers and small/medium-sized ophthalmology hospitals. Particular set-up standards and management practices are under the NHFPC.

3. The set up approval and practice registration for a Second-Class medical institution can be combined in one application and even further simplification of the approval procedure for a Third-Class hospital.

4. In order to strengthen investment in the healthcare sector, there is no restriction under the Circular of the ratio of equity or rights and interest of the Chinese party in a clinic, of which the ratio shall be no less than 30% according to Article 8 of Provisional Measures for the Administration of Medical Institutions.

The provisions in the Circular are all principle-based. Therefore, it is advisable that investors should pay close attention to the promulgation of the detailed implementation rules in the near future.

On 23 September 2017, SW partner Ms. Catherine Por attended “Roundtable: Children’s Commission in Hong Kong” at Regus Conference Centre.

The ROUNDTABLE was organized by The Hong Kong Committee on Children’s Rights and co-organized by Hong Kong Paediatric Foundation, Hong Kong Professional Teachers’ Union, The Hong Kong Council of Social Service, Hong Kong Bard Association and The Law Society of Hong Kong.

The objective of ROUNDTABLE was to pull together child-related professionals from multi sectors to share their views and build consensus on the Child Commission model for Hong Kong. The Roundtable was opened by The Chairperson of Hong Kong Committee on Children’s Rights Mrs. Priscilla Lui. Then, there was a discussion on “Mandate, Powers and Composition of the Children’s Commission” presented by Mr. Reidar Hjermann, former Norwegian Ombudsman for Children and Ms. Megan Mitchell, Australia’s first National Children’s Commissioner. Several experts from the children’s community, paediatric sector, education sector, welfare sector, human rights sector and legal sectors also shared their views with the attendees.

Mr. Reidar Hjermann, former Norwegian Ombudsman for Children

Ms. Megan Mitchell, Australia’s first National Children’s Commissioner

“I am delighted to participate in this meaningful event and I look forward to having a Children’s Commission in Hong Kong” Ms. Por said.

Please contact our Ms. Catherine Por for any enquiries or further information about this event.