New measures for corporate bonds in the PRC

On 15 January 2015, the China Securities Regulatory Commission (the “CSRC”) implemented the Administrative Measures for Issuing and Trading Corporate Bonds “公司债券发行与交易管理办法” (the “Measures”), which replaced the Measures for Pilot Projects for the Offering of Corporate Bonds “公司债券发行试点办法”.

The Measures allow all corporate juristic persons to issue corporate bonds and have developed a set of rules to regulate issuance and transfer of publicly issued and non-publicly issued corporate bonds. The Measures also set out the disclosure requirements in relation to the purpose of raising funds, material event and credit rating.

New limits have been imposed on public issuing of corporate bonds to public investors by issuers. Article 21 of the Measures had streamlined the CSRC review procedures on application documents on information disclosure submitted by the issuers. The Measures fully utilize the internet as a platform for disclosure of information regarding the publicly issued corporate bonds which enhanced the authorities’ manpower to oversee the bond market.

The Measures serve as a platform for the CSRC to further strengthen its administrative powers of issuing corporate bonds.

Stevenson, Wong & Co. assisted LongGoal Holding Co., Ltd. in entering into a license agreement with bebe studio, inc. (NASDAQ: BEBE), an American women’s apparel designer brand

Acting for the LongGoal Holding Co., Ltd. (“LongGoal”), an international brand retail agency, as its legal adviser as to Hong Kong laws, SW assisted LongGoal in entering into a license agreement with bebe studio, inc. (“bebe”), an American affordable luxury women’s apparel designer brand.Taking advantage of this opportunity, LongGoal intends to launch the “bebe” brand into the Greater China market.

LongGoal is an international brands retail agency which was founded by Ms. Chen Xiaoling (陈小玲女士) in 1996. Besides the bebe brand, LongGoal is also the agency for GANT and Thomas Pink. Since 2005, LongGoal has set up more than 130 stores for the GANT brand in 50 cities in the PRC.

bebe is a global retail clothier engaging in design, development and manufacturing of women’s clothing and accessories. bebe is a NASDAQ-listed company and markets its merchandise through more than 200 retail stores and more than 100 international-licensee operated stores. In addition to retail stores, bebe also has an online store which enables purchases to be made worldwide.

(Source: http://mp.weixin.qq.com/s?__biz=MzA4OTEwMzEzMw==&mid=208446386&idx=2&sn=08414a3ab646b23c37a24fc92408ebcc&scene=5&srcid=0911sE1fDsRuG3GqzAvClUsx#rd)

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

On 22 September 2015, our partner Mr. Eric Lui attended a connection seminar for financial, insurance and legal services in Suzhou, Jiangsu which was jointly organized by Jiangsu Development and Reform Commission, Jiangsu Overseas Development Association and Jiang Tai International Associates.

In the seminar, attendees discussed how to assist enterprises in Jiangsu to “go-out”, to participate in “One Belt One Road” and to solve problems and difficulties that enterprises will face when conducting overseas investment, such as bank financing for overseas projects, disputes arising from cross-border operations and risk management etc.

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

On 22 September 2015, our partner Ms. Heidi Chui, a founding committee member of the Young Partners’ Roundtable of the Law Society of Hong Kong, led a guided visit to LinkedIn Hong Kong Office. LinkedIn, headquartered in Silicon Valley, is one of the world’s largest professional networks with 380 million members in over 200 countries and territories around the globe. In 2012, it established an office in Hong Kong to develop Asia business.

During the guided tour, participants received an introduction to the corporate and business culture of LinkedIn, and discussed topics including how law firms can benefit by having its profile published at LinkedIn.

Photograph of Ms. Heidi Chui (on the right) and Mr. Nate Taylor (middle), regional sales leader, Hong Kong & Taiwan at LinkedIn

Contact person: Ms. Heidi Chui

On 21 September 2015, our partner Mr. Eric Lui attended a meeting organised by the Lawyer Supervision Department of the Judicial Bureau. The attendees include Deputy Secretary-General of the Standing Committee of the National People’s Congress (NPCSC) cum Chairman of the Hong Kong Special Administrative Region (HKSAR) Basic Law Committee (BLC) under the NPCSC, Mr Li Fei, leaders of the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, the Guangdong Department of Justice and Shenzhen Municipal Justice Bureau. The purpose of the meeting was to provide a platform for all the joint venture law firms in Qianhai to raise their issues or difficulties encountered to the leaders. Mr. Li Fei is well aware of the challenge and will continue to devote his effort to the development of the joint venture law firms in Qianhai.

Stevenson, Wong & Co. and AllBright Law Firm had obtained an approval from Department of Justice, Guangdong on 21 January 2015 to set up a joint venture law firm in Qianhai (ABL&SW). ABL&SW is one of the first batch of joint venture law firms between a law firm of the Hong Kong SAR and a law firm of Mainland China in Qianhai.

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

On 18 September 2015, our associate Ms. Vivian Ji attended the “Air Union Insurance Director’s Responsibility Conference 2015” (2015年度航联董责险客户交流会) in Chongqing. Leaders of Air Unions and insurance companies also attended the conference. Ms. Ji introduced the responsibilities of directors and senior management of listed corporations in Hong Kong. Mr. Tian Zhengda, manager of the Regulatory Department of the Shanghai Stock Exchange gave a presentation on the recent modifications to the Securities Law in the PRC. In addition, Mr. Lok Shum of Ping An Insurance (Group) Company of China, Ltd. discussed the potential risks of listing A-stock after the implementation of the modifications to the Securities Law. Mr. Deng Jinxiong of AIG Limited shared his experience on analysing financial risks. The conference was a valuable platform for all professional parties to exchange their experiences and views.

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