Banking and Finance Laws

Alan Xu and Youran Wu of Zhonglun Law Firm discuss the various methods that foreign-invested enterprises in China can adopt to remit funds to cash-strapped shareholders or affiliates overseas during the coronavirus pandemic

HSBC becomes sole controller of Chinese life insurance venture; first U.S. IPO from China after Luckin scandal raises $510 million; and the CBIRC proposes new rules to regulate online lending.

Shareholding requirements for non-bank financial institutions are tightened

Bo Yan and Taoye Ye of Haiwen & Partners discuss CBIRC’s amended rules governing the regulatory approvals of non-bank financial institutions, which lower the bar for foreign investment in national asset management companies

JPMorgan set for full control of asset management business with minority partner buyout; Luckin Coffee reveals financial fraud amid growing concern over Chinese listings; and the U.S. set to ramp up tech export restrictions for China, report says.

Foreign banks are given more specific business expansion requirements

Goldman Sachs, Morgan Stanley pass final hurdle to take majority control over local JVs; CBIRC releases insurance asset management product rules as part of new regulatory regime; and MOFCOM publishes draft rules mapping out foreign investment complaints procedure

People’s Bank of China issues first specifications on distributed ledger technology

State Council has lowered the investment capital percentage requirements

China steps up measures to contain imported COVID-19 cases; HKEX launches master SPSA service for fund managers; and SAFE eases foreign borrowing regulations for high-tech startups.