(中文) 锦天城律师事务所（以下简称“锦天城”）继与史蒂文生黄律师事务所于2013年开始联营模式，为進一步国际化，锦天城于2017年11月2日与英国鸿鹄律师事务所（Bird&Bird LLP）签署《战略合作协议》, 本所高级合伙人及联营所负责人之一郑炎潘律师亦有出席签署仪式。

早在2013年史蒂文生黄律师事务所已与锦天城联营合作，有利于双方提供一站式的中港法律服务，拓展双方的业务地域。2016年1月，锦天城与香港史蒂文生黄律师事务所于前海设立合营的律师事务所(“ABL&SW”)。ABL&SW办公室位于前海深港现代服务业合作区的核心地段，为前海第一批合伙联营律师事务所之一，提供中港法律服务。

本所同仁祝贺锦天城与英国鸿鹄律师事务所签署《战略合作协议》，通过是次合作，为锦天城迈进英国和欧洲市场打开便利之门。

如阁下有任何查询或想了解更多详情，请联络本所吕志豪律师。

Shanghai Fudan Microelectronics Group Company Limited (Stock Code: 1385.HK) (“Shanghai Fudan” or “Company”) successfully placed 42,000,000 new H Shares on 16 October 2017, raising net proceeds of approximately HK$218.4 million. SW acted as the Hong Kong legal advisors, providing comprehensive legal advice on the H Share placing.

The Company is in the business of designing, developing and sales of integrated circuits (“IC”) and provision of total solutions. The Company’s main products are its Security and Identification IC Chips (which are integral components in public transit cards, resident cards, social security cards, citizen cards, financial IC cards, and electronic payments etc.), Smart Meter ASIC Chips, Non-volatile Memory Chips, Specific Analog Circuits and IC Testing Services.

Shanghai Fudan was incorporated as a limited company in the PRC in July 1998. In 4 August 2000, the Company made an initial public offering of its H Shares in the Growth Enterprise Market (“GEM”) of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). In 8 January 2014, with approval from the Stock Exchange, Shanghai Fudan transferred its H Shares listing from GEM to the Main Board of the Stock Exchange.

Our team was led by our partners Eric Lui and Rodney Teoh, supported by Ellie Cheung (associate), Veronica Cheung (associate) and Wilfred Cheng (trainee solicitor).

This newsletter is for information purposes only. Its content does not constitute legal advice, and should not be treated as such. Stevenson, Wong & Co. will not be liable to you in respect of any special, indirect or consequential loss or damage.

Please contact our Mr. Eric Lui or Mr. Rodney Teoh for any enquiries or further information.

The Asia Pacific Diploma in International Arbitration was successfully held in Hong Kong from 21 – 29 October 2017, conducted by The Chartered Institute of Arbitrators of East Asia (CIArb), Australia and Singapore. Stevenson, Wong & Co. was honoured to sponsor the course which was well received and drew nearly 40 participants. After the course, both participants and the organizer expressed their delight that the course was held in our new office.

During an intensive nine-day program, participants have been taught the practice of international commercial arbitration covering major forms of arbitration and arbitration institutions including ICC, SIAC and CIETAC, and gained the ability to appear in or act as an arbitrator or counsel in different scenarios.

Participants enjoyed the morning and afternoon break

On 27 October 2017, SW Partner and Head of Litigation and Dispute Resolution Department Ms. Heidi Chui was invited as the VIP Guest to attend the Course Gala Dinner held at The Bankers Club Hong Kong. The Gala Dinner was well received and attended by Hong Kong Solicitor General, Mr. Wesley Wong SC.

SW Partner Ms. Heidi Chui and Hong Kong Solicitor General, Mr. Wesley Wong SC

SW Paralegal Mr. Jensen Chang and Hong Kong Solicitor General, Mr. Wesley Wong SC

From left to right: Immediate Past Chair of CIArb East Asia Branch and Course Director Mr. Richard Leung SC, Business Development Manager, Asia Pacific The Chartered Institute of Arbitrators Mr. Chalee Nai Kin, Past Immediate Chairman of CIArb Singapore Branch and Course Director Mr. Francis Xavier SC, Hong Kong Solicitor General Mr. Wesley Wong, Chair of CIArb East Asia Branch Mrs. Mary Thomson, and Chairman of CIArb Singapore Branch Mr. Chou Sean Yu

Should you have any enquiries or further information, please contact Mr. Eric Lui or Ms. Heidi Chui.

On 27 October 2017, SW Partner and Head of Banking and Finance Department Mr. Eric Lui attended the “AllBright Asset Management Forum” in Xiamen. The Forum was hosted by AllBright Law Office and co-organized by Allbright Xiamen office, AllBright Fuzhou office and AllBright Financial Committee. The Forum was well received and drew more than a hundred attendees.

The Forum was attended by 8 keynote speakers including Senior Partner of AllBright Law Office Dr. Stone Shi, Mr. Liu Xiao Jun and Dr. Victor Wu, Partner of AllBright Law Office Mr. Ancheng Wang and Ms. Wu Hui Jin, Senior Solicitor of AllBright Law Office Ms. Liang Sha Sha, Head of Asset Management (Xiamen), Great Wall Glory Security Co., Ltd Ms. Dai Xiao Bin and other external experts.

The distinguished speakers shared different issues regarding asset management with the audience, including “”M&A of Listed Companies and Operation of Private Equity Funds – From the Penetrative Perspective”, “Analysis of PPP Project Asset Securitization”, “Big Data Finance and Network Security Compliance”, “Investment in Insurance Funds and Lawyers Practice”, “Non-standard Bank Financial Investment”, “Legal Practice Analysis of Beneficial Right of the Trust Asset Securitization”, “Opportunities and Challenges for Asset Management Business (Summary Edition)”, and Prospective Legislation of Private Ordinances.

“I am delighted to participate in this meaningful forum and share with the elites. I look forward to attending the events again.”

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

Stevenson, Wong & Co. legal executive, Mr. Man Wong from our Banking Department was invited to attend CCBA Wine & Dine Festival Garden Party on 26 October 2017 at Central Harbourfront Event Space.

From left to right: Mr. Loman Lo, Mr. Vincent Cho, Mr. Man Wong, Guest, Mr. Patrick Lee, Mr. Raymond So and Ms. Ivy Wong

The event was sponsored by China Construction Bank (Asia) Corporation Limited (“CCB Asia”). The Festival was held at the Central Harbourfront Event Space, with the city’s neon-lit skyline and iconic Victoria Harbour serving as the backdrop. This amazing view was coupled with great wine and delicious food

From left to right: Mr. Vincent Cho, Mr. Man Wong and Mr. Patrick Lee

On 28 October 2017, SW Partner Mr. Eric Lui and Legal Executive Man Wong were invited to attend “A Century of Heritage  Relish the Tasteful Delights” CCB (Asia) Wine & Dine Luncheon in Tasting Room at the “CCB (Asia) Hong Kong Wine & Dine Festival”, Central Harbourfront Event Space. Guests enjoyed the luncheon which was prepared by a two Michelin star chef at the stylishly decorated dining area.

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

Introduction
Financial technology, better known as Fintech, is making headlines around the world, especially with technologically conscious Chinese customers and businesses. Recently, regulators in Hong Kong have announced sandbox and other related initiatives aimed at Fintech firms. In general, the sandbox initiatives involve offering a more controlled regulatory regime for participating firms on the condition of having more clarity on the timing, scope and volume of services it can offer, making appropriate safeguards for customers, and accepting more supervision from the relevant regulators.

HKMA – Fintech Supervisory Sandbox
The Hong Kong Monetary Authority (“HKMA”) has already launched its own Fintech Supervisory Sandbox (“FSS”) initiative in September 2016, which allows banks and their partner Fintech firms to conduct pilot trials on new financial services.

Having gained experience operating the FSS, the HKMA intends to enhance FSS, with the following new features under consideration:

• Fintech Supervisory Chatroom – HKMA can now provide feedback to banks and Fintech firms at an early stage of product development, to facilitate the rollout of new products and services.
• Direct Access for Fintech Firms – With the chatroom in place, Fintech firms may now access FSS directly without having to go through a bank.

SFC Regulatory Sandbox
The Securities and Future Commission (“SFC”) launched the SFC Regulatory Sandbox in September 2017 to provide a confined regulatory environment for Qualified Firms to operate regulated activities under the Securities and Futures Ordinance (Cap. 571) (“SFO”) before Fintech is used on a fuller scale.

The establishment or activities of these Qualified Firms should increase the range and quality of products and services for investors and benefit the Hong Kong financial services industry. To be a Qualified Firm, the firm shall:

• be fit and proper;
• utilise innovative technologies; and
• have a genuine and serious commitment to carry on regulated activities through the use of Fintech.

Under the SFO, no person shall carry on a business in a regulated activity unless the person is licensed by the SFC to conduct such regulated activity. Accordingly, a Qualified Firm should also be licensed (in the case of a start-up, it will need to apply for and obtain the appropriate licence) and comply with the applicable finanicial resources and other requirements).

At the same time, the SFC also released a circular to clarify the “relevant industry experience” requirement for responsible officers (“ROs”), who are appointed to supervise the business of a regulated activity in a licensed corporation. The SFC may recognise the RO applicant’s technology experience as “relevant industry experience” if (i) the applicant has been a key person in developing, or ensuring the proper and continued functioning of, a technology, platform or system (ie, not merely providing system support); and (ii) the technology, platform or system in which the applicant has expertise is central to the regulated activity of his/her new principal.

IA – Insurtech Sandbox
The Insurance Authority (“IA”) has recognised that the application of technology in the insurance industry (“Insurtech”) has closely followed the development of Fintech. In response, the IA has launched the following initiatives in September 2017:

• Insurtech Sandbox – Authorised insurers uncertain whether their innovative Insurtech applications can meet the relevant supervisory requirements can apply for a trial in the Insurtech Sandbox, where presents an opportunity for such insurer to collect data to demonstrate that such application can broadly meet IA’s supervisory requirements.
• Fast Track for New Insurers – the Fast Track provides a dedicate queue for new applications for insurance business in or from Hong Kong owning and operating solely digital distribution channels (as opposed to agents, brokers or banks).

Conclusions
Regulators in Hong Kong have launched their respective sandbox initiatives relevant to the booming Fintech industry. If a firm’s activities may be subject to the regulation of more than one regulator, a firm only needs to apply for the sandbox it deems more relevant. The relevant regulator will act as the primary point of contact, and will assist in liaising with other regulators.

Moreover, it should be stressed that the sandbox initiatives should not be seen as a means to bypass the current supervisory regime. While the sandbox and other relevant initiatives are meant to encourage the development of Fintech, this aim will be subject to the regulators’ duty to protect consumers and to maintain financial stability.

This newsletter is for information purposes only. Its content does not constitute legal advice, and should not be treated as such. Stevenson, Wong & Co. will not be liable to you in respect of any special, indirect or consequential loss or damage.

Please contact our Eric Lui or Rodney Teoh for any enquiries or further information.