On 9 December 2015, SW Head of Business Development (China) Ms. Connie Yeung was invited to be a guest speaker at the Legal Services Sharing Seminar on the topic of Offshore Trusts and Family Assets, Protection and Succession. A number of professionals, including lawyers and experts from the financial sector coming from Beijing and Shanghai attended this event. Connie gave a detailed explanation on this interesting topic. The audience commented that they found the session very useful and informative.

On 8 December 2015, our partners Mr Eric Lui, Ms Heidi Chui, Mr Stephen Wong, associate Ms Katy Lai, Head of Business Development (China) Ms Connie Yeung and Business Development Manager (China) Ms Zita Huang attended the Commercial Litigation Forum on Settlement of International Disputes co-organised with AllBright Law Offices and Thomson Reuters held at the Ritz-Carlton Shanghai.

Photograph of Mr Eric Lui (second from right), Ms Heidi Chui (in the middle), Mr Stephen Wong (second from left), Ms Katy Lai (on the left), and Ms Connie Yeung (on the right)

Our team, together with other top-notch professionals in corporate law, explored issues related to international dispute resolution and explained the importance of seizing the initiative during disputes. In particular, Ms Chui provided tips to participants at the Forum on how to triumph in cross-border arbitrations including, how to avoid pathological arbitration clauses, preservation of assets and evidence prior to arbitration, the role of anti-suit injunctions during arbitration and recognition and enforcement of arbitral awards.

In addition, speakers conducted an in-depth analysis on the “Shanghai Bund Land Case” and ways to successfully settle international disputes.

Mr Eric Lui (on the right), Mr Guo Rui (second from right) and Mr Lawrence Zhu (second from left), partners of AllBright Law Offices, and Ms Li Shangjing, ALB China Journalist conducting an analysis on the “Shanghai Bund Land Case”

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

On 5 December 2015, SW Head of Business Development (China) Ms. Connie Yeung and Business Development Manager (China) Ms. Zita Huang attended the 6th session forum on Trusts which was held at the Shanghai University of International Business and Economics. A number of professionals, including lawyers and experts on Trusts from Beijing and Shanghai attended this event.

Stevenson, Wong & Co. assisted Creative China Holdings Limited (8368.hk) in its placing on HKEx

SW acted as legal advisers to Creative China Holdings Limited (Stock Code: 8368) a company principally engaged in the business of program production and event organisation in the PRC, to list on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited (“The Stock Exchange”) by way of placing.

The shares were listed on The Stock Exchange on 18 November 2015. 330 million shares were placed and the final placing price was HK$0.39 per placing share.

Mr. Philip Jian Yang (right), Chairman and Executive Director of the Creative China Holdings Limited and Zhao Wei (left), Cornerstone Investor of the Company

(Source: http://big5.asean-china-center.org/gate/big5/www.fj.xinhuanet.com/2015-11/19/c_1117200640.htm)

Please contact our Hank Lo for any enquiries or further information about this transaction.

Stevenson, Wong & Co. assisted Zhong Ao Home Group Limited (1538.hk) in its global offering on HKEx

SW acted as legal advisers to Zhong Ao Home Group Limited (Stock Code: 1538) (“Zhong Ao”) to list on the Main Board of The Stock Exchange of Hong Kong Limited (“The Stock Exchange”).

The shares were listed on The Stock Exchange on 25 November 2015. 224.0 million shares were offered, among which 201.6 million were offered for international placing. The final offer price was HK$1.88 per offer share and the net proceeds amounted to HK$296.0 million.

Zhong Ao is a leading independent property management company in the PRC and was ranked third in terms of overall strength among independent property management companies in the PRC by China Index Academy, and 9th in 2014 in the “China Top 100 Property Management Companies” compiled by China Real Estate Top 10 Research and China Index Academy.

Please contact our Hank Lo for any enquiries or further information about this transaction.

In 2011, an annual limit of 20,700 visa grants was introduced by the UK government to restrict the number of non-EU migrants working in the UK under Tier 2 visas. UK firms did not encounter problems in the first four years until 11 June 2015, where the cap was exceeded for the first time .

On 10 June 2015, the UK government announced that a new blueprint is being devised to reduce demand for migrant labour .

With an aim to further significantly reduce non-EEA economic migration to the UK, the Migration Advisory Committee will advise the government by the end of 2015 on:
– restricting work visas to genuine skills shortages and highly specialist experts
– setting a time limit on how long a sector can claim to have a skills shortage
– a new skills levy on Tier 2 visas to increase funding to UK apprenticeships
– Lifting the salary requirements to curb businesses from employing foreign workers to undercut wages

With more stringent Tier 2 immigration rules, many firms may not be able to obtain Tier 2 visas for lawyers they intend to employ. The restrictions have also caused great difficulties in employing trainee solicitors. As a result, the UK may risk international law firms moving their offices outside of the UK to a more competitive jurisdiction .

The England and Wales Law Society have raised the criticism that any new Tier 2 restrictions would have a direct adverse impact on international law firms. Not only would this jeopardize the legal sector and the UK economy, but it would also occasion collateral damage to other sectors.

(Sources:
http://www.workpermit.com/news/2011-04-06/uk/tier-2-visa-major-changes-from-6-april-2011.htm
https://www.lawsociety.org.uk/news/press-releases/public-concerns-about-immigration-are-not-addressed-by-restricting-business-migration-for-professionals-warns-law-society/
https://www.gov.uk/government/news/pm-announces-migration-advisory-committee
https://www.lawsociety.org.uk/policy-campaigns/consultation-responses/documents/migration-advisory-committee-review-tier-2-law-society-response-september-2015/)