Stevenson, Wong & Co. attended 2015 Family Office Solutions Showcase

On 21 and 22 January 2015, our China Business Development Officer (China), Ms. Connie Yeung attended the 2015 Family Office Solutions Showcase held at the Regal Hong Kong Hotel. The Showcase was organised by the Association of Private Bankers in Greater China Region and the Association of Family Offices in Asia.

Representatives of family offices in China and other areas in Asia, lawyers as well as tax advisors attended the two-day conference and shared their experience in the business of family offices. Keynote sessions, specialist presentations and panel discussions were held on topics such as venue consideration for establishment of the family offices, wealth preservation, wealth planning and succession, charity, social impact of investment, and issues and challenges in succession planning in China.

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

Stevenson, Wong & Co. presented at Bank of China (Hong Kong) Limited

On 19 January 2015, SW partner Mr. Eric Lui, senior associate Ms. Freda Au, legal executives Mr. Stanley Hung, Mr. Man Wong, Mr. Peter Loo and Ms. Anita Tong delivered a presentation at a seminar jointly organized by the Kowloon East Commercial Centre and the Hong Kong East Commercial Centre– Corporate Banking and Financial Institutions of Bank of China (Hong Kong) Limited (“BOCHK”).

In the first part of the seminar, Man and Stanley gave practical advice to the bankers regarding how property and share transactions are subject to laws and regulations on stamp duty in Hong Kong.

In the second part, Peter talked about different choices for investment immigration. He also shared the current needs of immigration clients and how to meet them and to resolve various issues for immigration clients.

Over 60 bankers from BOCHK attended the seminar.

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

Stevenson, Wong & Co. assisted Zhejiang Chang’an Renheng Technology Co., Ltd. (8139.hk) in its IPO on HKEx

SW assists Zhejiang Chang’an Renheng Technology Co., Ltd. (Stock Code: 8319) (the “Company”, together with its subsidiaries, the “Group”) to list on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited (“GEM”) by way of placing H shares, the first domestic enterprise listed on GEM by way of placing H shares since May 2008. SW acted as the legal adviser for the Company and South China Capital Limited acted as the sole sponsor.

The listing of the H shares of the Company is also the first successful listing project jointly conducted by Allbright Law Offices and our firm since our association in November 2013. Allbright acted as the PRC legal adviser for the Company.

Photograph of Mr. Zhang Youlian (tenth from left), chairman and executive director of the Company, Ms. Xu Qinwei (ninth from left ) general manager of the Group, together with other senior members of the Group taken at the listing ceremony:

The shares were listed on GEM on 16 January 2015. 8 million H shares were offered for placing. The final placing price was HK$9.70 per placing share and the net proceeds amounted to HK$52.1 million.

The Group is principally engaged in the research and development, production and sales of bentonite fine chemicals. According to an industrial report, with revenue of nearly RMB72.4 million, the Group accounted for approximately 14.9% in bentonite papermaking fine chemicals market in the PRC in 2013, ranking first in this industry segment. The Group took the leading position of bentonite retention and drainage aids market with a market share of 16.7% in 2013.

Photograph of Mr. Zhang (second from right) and SW team members for the listing project, Mr. Vivian Ji (second from left), Mr. Xiaoming Zhong (on the left) and Ms. Joanna Fung (on the right) taken at the listing celebration dinner:

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

Hong Kong Government Halts the Capital Investment Entrant Scheme

On 14 January 2015, the Chief Executive of Hong Kong SAR Mr. CY Leung, in his Policy Address 2015, announced that the Capital Investment Entrant Scheme (“CIES”) would be suspended with effect from 15 January 2015. The explanation for the suspension was that “the Government is seeking talent, not money”.

The CIES scheme was launched in 2003 when Hong Kong was suffering from economic recession and the CIES was implemented to attract prominent investors to invest and live in Hong Kong. Foreign investors who meet certain criteria and who have the financial means to invest in Hong Kong may apply to stay in Hong Kong together with their dependants. After seven years’ of continuous stay in Hong Kong, these capital-investment entrants (together with their dependants) may apply to become permanent residents of Hong Kong. According to the scheme, foreign investors only needs to invest in Hong Kong for not less than HK$10 million without actually carrying out any business operation in Hong Kong.

According to statistics on CIES provided by the Immigration Department of Hong Kong, since the inception of CIES in 2003, the Immigration Department has received a total of 40,392 applications as at 30 September 2014. About 90% of the total applications received had been submitted by Chinese nationals with permanent residence overseas. Among such Chinese applicants, 21,822 had been granted formal approval whilst 2,315 had been granted approval-in-principle. Since 2003, applicants who have been granted formal approval have invested HK$42,588 million in real estate and HK$163,221 million in financial assets respectively.

According to the Immigration Department, more than 12,000 applications are being processed currently. The suspension of the CIES will not affect applications received before the suspension date (15 January 2015), whether already approved (including approval-in-principle and formal approval) or still being processed. Moreover, as a transitional arrangement, applications will be accepted for processing after the suspension date if those applicants have already invested no less than HK$ 10 million made within 6 months before the suspension date and their applications are made within 6 months of the investment, subject to the applicant meeting the other eligibility criteria under the CIES.

The Chief Executive Policy Address also launched a pilot scheme to attract second generation of Chinese Hong Kong permanent residents who have emigrated overseas to return to Hong Kong for development. Further, talents and entrepreneurs will be encouraged to come and stay in Hong Kong by relaxing the stay arrangements under the General Employment Policy, the Admission Scheme for Mainland Talents and Professionals and the Quality Migrant Admission Scheme.

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

Stevenson, Wong & Co. presented at Bank of China (Hong Kong) Limited

On 19 January 2015, SW senior associate Ms. Freda Au, legal executives Mr. Stanley Hung, Mr. Man Wong, Mr. Peter Loo and Ms. Anita Tong delivered a presentation on stamp duty and immigration to over 30 bankers of Bank of China (Hong Kong) Limited at its Hong Kong Central and Western Commercial Centre – Corporate Banking and Financial Institutions.

In the first part of the seminar, Man and Stanley, by using several practical case examples, explained the relevant laws and regulations on stamp duty applicable to property and share transactions in Hong Kong.

In the second part of the seminar, Peter and Anita discussed the recent development in immigration practices and provided a brief overview on the investor immigration programme in Hong Kong. The current demands of immigration clients were also shared and the ways to approach those clients were discussed at the seminar.

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

Stevenson, Wong & Co. attended the “AllBright’s PRC Litigation and Arbitration Committee Annual Conference 2014” in Shanghai

SW partner Mr. Eric Lui attended the “AllBright’s PRC Litigation and Arbitration Committee Annual Conference 2014” (the “Conference”) at the Shanghai International Convention Centre on 11 January 2015.

Over 50 senior partners, partners and senior consultants from all 11 branches of AllBright Law Offices in Shanghai, Beijing, Chengdu, Chongqing, Hangzhou, Nanjing, Shenzhen, Suzhou, Taiyuan, Qingdao and Xiamen attended the Conference. Topics discussed at the conference included the status of the litigation practices in each branch office, the economics in different branch locations, the working proposals of AllBright’s litigation committee and its working targets for 2015.

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