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.
Conditions are made clear for commercialization of collective land, China takes steps to promote international oil and gas trade, shareholder equity requirements for non-bank financial institutions are tightened.
Foreign banks are given more specific business expansion requirements
Risk control on investments of securities companies is loosened
Liu Yuxiang and Wu Qiong of Haiwen & Partners summarize the national and local policies introduced to support businesses and employers in China to help alleviate the economic impact caused by the coronavirus outbreak.
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
Insurance asset management products are offered to private investors, domestic law firms are encouraged to expand overseas and extension is offered to R&D tax refund filings.
People's Bank of China issues first specifications on distributed ledger technology
State Council has lowered the investment capital percentage requirements
Guo Yongmao and Zhang Tianyang of Haiwen & Partners highlight tax policies to support manufacturers and service providers that have assisted with the prevention and control of the COVID-19 pandemic, as well as those who have been affected by it
