Linklaters advises on the first China green covered bonds
CBI member Linklaters has advised Bank of China on the establishment of its US$5bn China Covered Note Programme and the initial offering by Bank of China London Branch of US$500m China Green Covered Bonds due 2019 to be listed on the London Stock Exchange (the “Notes”). The Notes will be secured on a portfolio of PRC domestic climate aligned bonds held by Bank of China. This is a landmark transaction since it is the first international note issue by a Chinese entity that is secured by onshore assets, and in this case, an international green bond issue secured by green bonds that are traded on the China interbank bond market.
How Soccer Investment Has Become Key to Sino-British Relations
The crowds calling for the resignation of Cai Zhenhua after the Chinese national soccer team lost to Syria in early October were nothing new. The Chinese Football Association president was only the latest target of fans’ ire, after the team’s capitulation all but confirmed that the country will continue to wait for its first World Cup appearance since 2002. A few weeks later, hope is in the air once more: Following the dismissal of the national team head coach, Gao Hongbo, after a six-match tenure that included four defeats, Marcello Lippi has taken the reins. The Italian boasts a World Cup-winning pedigree as well as a salary of around 150 million yuan ($22.2 million) per year. Soccer’s megabucks have finally permeated the national team setup, with the suspicion being that Lippi’s appointment was financed by outside investors. Until now, Chinese businessmen have looked to European soccer as the preferred destination for their investments, with the English game their most favoured recipient. The appeal of English soccer lies in its strong track record of overseas investment: 16 of the 20 clubs in the Premier League are either fully or partly owned by investors from countries including the United States, Russia, and the United Arab Emirates…
Britain says concerned by Chinese National People's Congress's decision on Hong Kong
Britain expressed concern on Monday at a ruling by China's National People's Congress that effectively bars two elected Hong Kong pro-independence politicians from taking office. The move by Beijing is considered Beijing's most direct intervention in the territory's legal and political system since Britain handed over the colony to China in 1997. Beijing's move came after Yau Wai-ching, 25, and Baggio Leung, 30, pledged allegiance to the "Hong Kong nation" and displayed a banner declaring "Hong Kong is not China" during a swearing-in ceremony for the city's Legislative Council in October.
CBI member DLA Piper announced that it had advised Ping An Good Doctor, a healthcare and medical mobile app launched by Ping An Insurance, on its US$500 million Series A financing.
Ping An Good Doctor app was launched in April 2015. It provides online consultation services, patient management, pharmaceutical online-to-offline services, digital health profiles, among others.
As of April 2016, it had 77 million registered users and had partnered with over 50,000 doctors from public and private hospitals across the country.
According to Chinese media, this is the single largest investment in China’s online medical service platforms.
The DLA Piper team advised Ping An Good Doctor on the onshore and offshore financing structure, negotiations with the lead investor and other investors, and transaction process management as well as other complex legal issues related to the financing.
CBI member Simmons & Simmons announced that it had advised Samsung Asset Management (Hong Kong) Ltd. on the listing of the first inverse and leveraged products ever in Hong Kong. The four products commenced trading on the Hong Kong Stock Exchange on 13 June 2016.
The European Chamber, in cooperation with Roland Berger, today released its annual Business Confidence Survey 2016. The survey finds that Beijing’s failure so far to deliver on promises that foreign-invested enterprises will enjoy a more open, competitive market has fostered mounting pessimism: a significant 41% of European companies are now re-evaluating their China operations and planning to cut costs, including through headcount reduction.
Although 47% also report that they plan to expand their operations in China, this represents a thirty-nine point decrease from 2013, when an overwhelming 86% of European companies were intending to do so. However, a clear majority of European business would likely increase their investment in China in the event of market access barriers being removed.
Please read the full press release here. The full download can be accessed here.
CBI member Eversheds announced that its Hong Kong office had been named International Law Firm for Dispute Resolution and Energy, Projects, and Infrastructure by China Business Law Journal.
Eversheds saw off competition from dozens of other international and local firms to win two of the most important awards. The winners were selected by China Business Law Journal following extensive client consultation.
The full results are published in a special report in the February edition of China Business Law Journal.
China Direct will be focusing on the ASEAN region through 2016 in order to provide additional business intelligence and support to its China and regionally based CBI members. This exciting new initiative has already begun to build links with CBI members in Thailand and will be linking in to other markets shortly.
Please find PwC's Myanmar Business Guide and the CBI Beijing office's Myanmar Business Overview below for your reference.