On December 17, 2021, the Stock Exchange of Hong Kong Limited (the Exchange) announced new listing regime for special purpose acquisition companies (SPAC). These new rules will take effect on January 1, 2022. This regulatory update reflects the Exchange’s commitment to remain an attractive, competitive and diversified capital-raising market in the region.
Continue Reading Hong Kong Stock Exchange Announced New Listing Regime for SPAC
On October 29, 2021, the Cyberspace Administration of China (“CAC”) published the Security Assessment Measures of Data Cross-border Transfer (Draft for Comments) (the “New Draft Measures”) for public comments.
Continue Reading Overview on China’s New Draft Measures for Data Cross-border Transfer
When Chinese investors are considering US targets, it is important to keep in mind the requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”). For deals meeting certain thresholds, the HSR Act requires the parties to submit HSR filings to FTC and DOJ, pay a filing fee, and wait 30 days before closing. The purpose of this is to permit FTC and DOJ to investigate the potential antitrust and competition issues before the transaction closes. Failure to make a filing and/or observe the 30-day waiting period can have severe consequences. Currently, the maximum civil penalty for noncompliance is $43,792 per day.
Continue Reading HSR Considerations For Chinese Investors In U.S. Companies 投资美国企业的中国投资者在HSR申报中需要注意的问题
On August 20, 2021, the Standing Committee of the National People’s Congress adopted the Personal Information Protection Law of the People’s Republic of China (the “Personal Information Protection Law”). The Personal Information Protection Law will become effective on November 1, 2021, and will then, together with the Cybersecurity Law of the People’s Republic of China (the “Cybersecurity Law”) and the Data Security Law of the People’s Republic of China (which will become effective on September 1, 2021, the “Data Security Law”), form the foundation of the data security legal regime of China.
Continue Reading Highlights of China’s Recently Adopted Personal Information Protection Law
The travel bans imposed by the U.S. Government during the COVID-19 national pandemic created enormous logistical challenges for anyone seeking to fly to the U.S. from a country on the travel ban list. Even today, there is still a great deal of confusion regarding who is subject to the travel ban, what are the exceptions, and how to go about applying for a National Interest Exception (NIE) waiver. The checklist below is intended to help simplify an albeit complicated process. Of course, most U.S. Consulates are still operating at limited capacities so significant delays for waivers and visa stamping is still the norm.
Blockchain patent applications may be divided into two types: underlying technologies of blockchain, such as consensus methods, security, etc., and applications of blockchain in, e.g., fintech, legal, and other industries. In patent examination, the first type, because it recites underlying technology improvement, rarely elicits subject matter rejections. The second type, applications of blockchain, are often found to be directed to an abstract idea. This article analyzes a recent Patent Trial and Appeal Board (PTAB) decision in a blockchain patent application and explores drafting and prosecution strategies to anticipate subject matter scrutiny.
Continue Reading Blockchain Patentability Through The Lens Of A Recent PTAB Decision
Year 2020 definitely is a milestone year for China in building up and strengthening its regulatory legislation in the field of international trade. Following the Regulations on Unreliable Entity List (“UEL”), the Export Control Law came out on October 17 and will come into effect on December 1, 2020. Obviously, this Export Control Law of the PRC (“Export Control Law”) is one of the most important bricks to China’s regulatory Great Wall in the ongoing trade war to protect its key national security and interests.
Here is our quick bird’s-eye view of this new Export Control Law and some preliminary thoughts on its possible impact to the future cross-border transactions and multinationals’ China operations.
Continue Reading New Export Control Law: China Strengthens its Regulatory “Great Wall”
The streaming landscape has experienced its second major shakeup this year with Huya’s merger with DouYu on October 12, 2020. Huya and DouYu are China’s largest streaming platforms, averaging 169 million and 165 million monthly users respectively, and will combined be worth around $11 Billion USD. The merger positions the new entity as the largest esports platform in China, and makes it the de facto destination for esports eyeballs in the region.
Continue Reading Huya DouYu Merger is a Sign of Things to Come in Esports M&A
On September 19, 2020, China took a new strategic position in its ongoing trade confrontation with the United States. The Ministry of Commerce of the PRC (“MOFCOM”) issued Regulations on Unreliable Entity List (“UEL”) and drew wide public attention to the beginning of the PRC government’s retaliation against the Trump Administration’s recent restrictions on Chinese entities including Huawei, TikTok and WeChat. It is notable that MOFCOM deliberated with more than a year of internal discussion before implementing the UEL.
Continue Reading Certainties and Uncertainties Under China’s New Unreliable Entity List
On Saturday, two actions put a stop, at least temporarily, to the U.S. shutdown of the popular social media apps WeChat and TikTok.
Continue Reading Executive Orders on Pause: WeChat and TikTok Bans Temporarily Suspended