Capital Markets

NPC adopts anti-foreign sanctions law in response to U.S., European restrictions; NPC adopts data security law with significantly increased penalties for illegal cross-border data transfer; and Shenzhen five-year plan promises greater financial services opening-up

China establishes its national carbon trading regime

Biden administration expands Trump-era investment ban on Chinese firms with alleged military ties; China customs names and shames foreign brands for importing defective children's products; and SAFE approves record QDII quota

Goldman Sachs receives initial approval for majority-controlled wealth management JV with ICBC; CBIRC finalizes wealth management product sales rules with new six month transition period; and government push for more financing options for agricultural firms

Liquidity management is the core requirement for issuance of short-term commercial paper by securities companies

CAC issues draft rules tightening data security and privacy protection in auto industry; PCAOB releases proposed framework to implement delisting law; and BlackRock approved to begin operating majority-owned wealth management JV

European Commission releases draft regulation tightening requirements on foreign state-backed investors; Mainland-Hong Kong wealth link imminent following release of implementation rules; and Shanghai to trial first-ever options contract available to foreign investors

Being the first U.S. domestic issuer to have a secondary listing in Hong Kong required navigating difficult SEC and SFC requirements

Yum China has had an eventful year, navigating the impact of the pandemic on its many restaurants and staff in China, as well as a groundbreaking secondary listing in Hong Kong

China failing to protect U.S. companies' IP according to USTR report; French banking giant BNP Paribas applies for securities business; and PRC Futures Law submitted to NPCSC for first reading