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1、 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利1外商投资新规外商投资新规外资合伙企业外资合伙企业NewRegulationonForeignInvestment-ForeignInvestedPartnershipEnterprises通力律师事务所通力律师事务所LlinksLawOffices2010年年1月月January2010CCH外资合伙企业研讨会外资合伙企业研讨会Investing in Partnerships in China 2010 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利一一.法法规概述概述Reg
2、ulatoryOverviewn中中华华人人民民共共和和国国合合伙伙企企业业法法(2006修修订),2006年年8月月27日日颁颁布布、2007年年6月月1日起施行。日起施行。PRC Law of Partnership Enterprise (revised in 2006), promulgated on August 27, 2006 and implemented as of June 1, 2007.n中中华华人人民民共共和和国国合合伙伙企企业业登登记记管管理理办办法法(2007修修订),2007年年5月月9日日颁颁布布、2007年年6月月1日起施行。日起施行。Administrat
3、ive Measures on PRC Partnership Enterprise Registration (revised in 2007), promulgated on May 9, 2007 and implemented as of June 1, 2007.2 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利一一.法法规概述概述RegulatoryOverviewn外国企外国企业业或者个人在中国境内或者个人在中国境内设设立合伙企立合伙企业业管理管理办办法法(“管理管理办办法法”)2009年年11月月25日日颁颁布布、2010年年3月月1日起施行。
4、日起施行。Administrative Measures on Establishment of Partnership Enterprises by Foreign Enterprise or Individual in China (the “Measures”) , promulgated on November 25, 2009 and implemented as of March 1, 2010.n外商投外商投资合伙企合伙企业登登记管理管理规定定(征求意征求意见稿稿)Administrative Measures on Foreign Invested Partnership En
5、terprises Registration (Draft for Public Comments)3 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利一一.法法规概述概述RegulatoryOverview普通合伙企普通合伙企业: 由普通合伙人组成, 合伙人对合伙企业债务承担无限连带责任。GeneralPartnershipEnterprise(“GPE”):consisting of general partners who shall assume unlimited, joint and several liability for the GPEs de
6、bts.4 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利一一.法法规概述概述RegulatoryOverview有限合伙企有限合伙企业: 由普通合伙人和有限合伙人组成, 普通合伙人对合伙企业债务承担无限连带责任, 有限合伙人以其认缴的出资额为限对合伙企业债务承担责任。LimitedPartnershipEnterprise(“LPE”/“LLP”):consisting of general partner(s) who assume unlimited, joint and several liability for the LPEs debts, and
7、 limited partner(s) who assume limited liability for the LPEs debts to the extent of capital contributions subscribed by such limited partner(s). 5 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利一一.法法规概述概述RegulatoryOverview外商投外商投资合伙企合伙企业: 2个以上外国企业或者个人在中国境内设立合伙企业, 以及外国企业或者个人与中国的自自然然人人、法人和其他组织在中国境内设立合伙企业Fore
8、ignInvestedPartnershipEnterprise(“FIPE”):partnership enterprises established by more than 2 foreign enterprises or individuals, or by foreign enterprise(s) or individual(s) with Chinese natural person(s), legal person(s) or other organization(s) in China6 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利一一.法
9、法规概述概述RegulatoryOverviewn外外资普通合伙企普通合伙企业ForeignGPE7外国投资人Foreign Investor中国投资人Chinese Investor外资普通合伙企业FI GPE(作为合伙人)(as partner)(作为合伙人)(as partner) 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利一一.法法规概述概述RegulatoryOverviewn外外资普通合伙企普通合伙企业ForeignGPE8外国投资人Foreign Investor外国投资人Foreign Investor外资普通合伙企业FI GPE(作为合伙
10、人)(as partner)(作为合伙人)(as partner) 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利一一.法法规概述概述RegulatoryOverviewn外外资有限合伙企有限合伙企业ForeignLPE9外国投资人Foreign Investor中国投资人Chinese Investor外资有限合伙企业FI LPE(作为GP)(as GP)(作为LP)(as LP) 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利一一.法法规概述概述RegulatoryOverviewn外外资有限合伙企有限合伙企业Foreig
11、nLPE10外国投资人Foreign Investor外国投资人Foreign Investor外资有限合伙企业FI LPE(作为GP)(as GP)(作为LP)(as LP) 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利一一.法法规概述概述RegulatoryOverviewn外外资有限合伙企有限合伙企业(续)ForeignLPE(continued)11中国投资人Chinese Investor外国投资人Foreign Investor外资有限合伙企业FI LPE(作为GP)(as GP)(作为LP)(as LP) 2010 通力律师事务所版权所有通力律
12、师事务所版权所有 保留一切权利保留一切权利一一.法法规概述概述RegulatoryOverviewn外外资有限合伙企有限合伙企业(续)ForeignLPE(continued)12外国投资人Foreign Investor中国投资人Chinese Investor外资有限合伙企业FI LPE(作为GP)(as GP)外国投资人Foreign Investor外国投资人Foreign Investor(作为GP)(as GP)(作为LP)(as LP)(作为LP)(as LP) 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利一一.法法规概述概述Regulator
13、yOverview外商投资合伙企业系继中外合资经营企业、中外合作经营企业和外资企业(“三资企业”)以及外商投资股份有限公司后, 外国投资者在中国境内直接投资的又一种组织形式。FIPE is a new form of organization directly invested by foreign investors in China, aside from Sino-foreign Equity Joint Venture Enterprises, Sino-foreign Cooperative Joint Venture Enterprises and Wholly Foreign O
14、wned Enterprises (“FIE”) and Foreign Invested Company Limited by Shares.13 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利二二.立法背景立法背景BackgroundoftheMeasuresn2007年年3月月初初,商商务部部办公公厅发布布外外商商投投资合合伙伙企企业管管理理办法法(送送审稿稿)(“送送审审稿稿”),共四章共四章38条。条。In March 2007, the general office of MOFCOM publicized the Administrative M
15、easures on PRC Partnership Enterprise Registration (Draft for Examination) (the “Draft Measures”), which was divided into 4 chapters containing 38 articles.14 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利二二.立法背景立法背景BackgroundoftheMeasuresn必要性必要性:填填补缺位法缺位法规Necessary:Supplementary(gap-filler)regulationsn敏感
16、性敏感性:与私募股与私募股权基金关基金关联度高度高Sensitive:Closelyrelatedtoprivateequityfundn2007：经济形形势乐观宏宏观调控控外外资热钱恐慌恐慌2007: Economic optimism Macro-controls Foreign hotmoneypanicn2008：政策：政策侧重于平衡重于平衡,立法立法趋于于谨慎慎2008:Balanceandprudentlaw-makingproceduren2009：“保八保八”定基定基调2009:“Eight-percentGDPgrowth”benchmarkpolicy15TheOffici
17、alDraftMeasuresfinallypromulgatedhasonly16articles. 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利二二.立法背景立法背景BackgroundoftheMeasures2009年11月, 国务院最终颁布管理办法, 其简化了原送审稿的内容, 修正了送审稿中诸多突破合伙企业法的规定(例如合伙人出资方式、期限、合伙协议及其修正案的效力、合伙协议的准据法律等)。The Measures was finally approved by the State Council, which largely simplified
18、 the contents of the Draft Measures and revised a number of provisions in the Draft Measures which are inconsistent with the Partnership Enterprise Law (e.g., method and schedule of capital contribution by partners, term, effectiveness of partnership agreements and its amendments, applicable law of
19、partnership agreements, etc).16 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureoftheMeasures是三是三资企企业法的法的补充充?还是合伙企是合伙企业法的法的补充充?AGap-FillertotheRegulationsonFIEs?OrASupplementaltothePartnershipLaw?17 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要
20、内容和特点点MainContentandFeatureoftheMeasures1.改改审批制批制为登登记制制ReplaceExamination&ApprovalbyRegistration送送审审稿稿:设立外商投资合伙企业, 应当由合伙人或者其委托的代表提出申请, 商务主管部门审查批准后, 发给批准证书。此外, 外资合伙企业的相关事项发生变更, 也需要同三资企业一样, 取得商务主管部门的事先批准后方可进行登记。Draft Measures: To establish a FIPE, the partners or their duly authorized representatives
21、shall apply to the competent administration for examination, approval, and issuance of the approval certificate. Moreover, any changes relating to a FIPE shall obtain prior approval of the competent administration for examination before registration for such changes, which is the same as FIEs.18 201
22、0 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureoftheMeasures管管理理办办法法:外国企业或者个人在中国境内设立合伙企业, 应当由全体合伙人指定的代表或者共同委托的代理人向国务院工商行政管理部门授权的地方工商行政管理部门(以下称“企业登记机关”)申请设立登记。TheMeasures: For a foreign enterprise or individual to establish a PE in China, a representative designa
23、ted or jointly authorized by all the partners shall apply for registration of establishment to the local administration of industry and commerce authorized by SAIC (“Registration Authority”). 19 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureoftheMeasures管管理理
24、办办法法: 企业登记机关予以登记的, 应当同时将有关登记信息向同级商务主管部门通报。外商投资合伙企业变更登记或者注销登记的, 企业登记机关应当同时将有关变更登记或者注销登记的信息向同级商务主管部门通报。TheMeasures: Upon registration, the Registration Authority shall simultaneously report the registration data to the administration of commerce of the same level. In case of registration of change or
25、deregistration of a FIPE, the Registration Authority shall report the corresponding data to the administration of commerce of the same level.20 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureoftheMeasures管管理理办办法法: 提交中华人民共和国合伙企业登记管理办法规定的文件以及符合外商投资产业政策的说明。The M
26、easures: Submitting the documents stipulated in the Administrative Measures on PRC Partnership Enterprise Registration and an explanation for compliance with the foreign investment industry policy .21 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureoftheMeasur
27、es问问题题:如果涉及限制或者禁止外商投资产业政策的领域,管理办法并未直接规定是否须经商务主管部门的审查批准。Issue:If involving industries where foreign investment is restricted or prohibited, the Measures did not directly stipulated whether the examination and approval by the administration of commerce shall be obtained.问题问题:是否意味着工商局具有一定的审核权?Q:Doesthe
28、RegistrationAuthorityhavethepowerofexaminationandapproval?22 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureoftheMeasures问问题题:外资合伙企业若涉及限制类行业领域, 是否会参照适用三资企业境内再投资规定？Issue: If a FIPE involves restricted industries, whether the above provisions on FIE reinvestmen
29、t in China will be used as reference?三资企业境内再投资, 不得对禁止类领域再投资, 若再投资涉及限制类, 则工商局在登记前要求申请人取得商务主管部门的审查批准。FIEs cannot reinvest in prohibited industries in China. If involving restricted industries, the Registration Authority requires that the applicant obtain the examination and approval by the administrat
30、ion of commerce before registration. 23 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureoftheMeasures24对于取消审批制度的猜想对于取消审批制度的猜想:Speculation on Abandoning the Examination and Approval System 宏宏观观层层面面整个经济和政策大环境发生变化, 商务部的职能可能发生变化MacroscopicView: With the change in
31、the entire economic and political environment, the responsibilities and functions of MOFCOM may also changed. 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureoftheMeasures技技术术层层面面由于合伙企业(特别是普通合伙企业)非常弱化“认缴出资”的概念, 认缴出资具有相当的灵活性, “投资总额”和“注册资本”对合伙企业适用度不高。 TechnicalV
32、iew: Because PE (esp. GPE) weakens the concept of Subscribed Capital (which is quite flexible), the concept of TOTAL INVESTMENT and REGISTERED CAPITAL may not completely applicable to LPE. 25 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureoftheMeasures例例外外投投资
33、资项项目目核核准准:外国企业或者个人在中国境内设立合伙企业涉及须经政府核准的投资项目的, 依照国家有关规定办理投资项目核准手续。Exceptionapprovalofinvestedproject: If the establishment a PE in China by a foreign enterprise or individual involves an invested project requiring government approval, the project approval formalities shall be carried out according to
34、the relevant PRC laws.26 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureoftheMeasures2.行行业准入和准入和经营范范围IndustryAccessandBusinessScope送送审审稿稿: 外商投资合伙企业的设立和经营活动应符合国家关于外商投资的产业政策。从事外商投资产业指导目录规定的“限于合资、合作”产业的外商投资合伙企业中, 必须有一名以上的中国普通合伙人。从事外商投资产业指导目录规定的“中方控股”或者“中方相对控股”产业
35、的外商投资合伙企业中, 中国合伙人对于合伙企业法第三十一条所规定事项之外的其他待决事项应当具有决定权。从事“中方控股”产业的外商投资合伙企业, 中国合伙人分配比例之和为51%及以上; 从事“中方相对控股”产业的外商投资合伙企业, 中国合伙人的分配比例之和大于任何一方外国合伙人的分配比例。27 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureoftheMeasuresDraft Measures: The establishment and business activ
36、ities of a FIPE shall comply with the foreign investment industry policy of the PRC. A FIPE engaging in the industries limited to Equity Joint Venture or Contractual Joint Venture, as stipulated in the Catalogue for Guidance of Foreign Investment Industries, must have more than 1 Chinese GP. As for
37、a FIPE engaging in the industries where the Chinese parties must hold a majority or relative majority of shares, the Chinese partner shall have the decision making power on the matters other than those stipulated by Article 31 of the Partnership Enterprise Law. As for a FIPE engaging in the industri
38、es where the Chinese parties must hold a majority of shares, the total proportion allocated to the Chinese partners shall be 51% or more; as for a FIPE engaging in the industries where the Chinese parties must hold a relative majority of shares, the total proportion allocated to the Chinese partners
39、 shall be more than that ofeach of the foreign partners.28 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureoftheMeasures送送审审稿稿:外商投资合伙企业不得通过合伙人财产份额的出质、转让和强制执行、合伙企业的表决办法、合伙人的入伙和退伙、有限合伙人和普通合伙人的相互转变等方式规避前述要求。DraftMeasures: A FIPE cannot evade the above requirement
40、s by methods of pledge, transfer and enforcement of contributed shares of the partners, voting system of PE, partners joining and withdrawing from the enterprise, change from LP to GP or vice versa, etc. 29 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureofthe
41、Measures管管理理办办法法: 外国企业或者个人在中国境内设立合伙企业, 应当遵守合伙企业法以及其他有关法律、行政法规、规章的规定, 符合有关外商投资的产业政策。Draft Measures: Establishment of a PE in China by foreign enterprise or individual should be in compliance with the Partnership Enterprise Law and the provisions of other relevant laws, administrative regulations and
42、the foreign investment industry policies.30 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureoftheMeasures问问题题:送审稿中设定的标准也缺乏合理性, 例如其要求“中方控股”产业的外商投资合伙企业, 中国合伙人分配比例之和为51%及以上, 从事“中方相对控股”产业的外商投资合伙企业, 中国合伙人的分配比例之和大于任何一方外国合伙人的分配比例。Issue:The standards set forth by the
43、Examination Draft Measures was not reasonable, such as the requirement that the Chinese partners have the total allocation proportion of 51% or more, and that a FIPE where the Chinese parties hold relative majority of shares must have a total allocation proportion which is be more than that of each
44、of the foreign partners.31 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureoftheMeasures问问题题:将来是否会出台类似的补充规定、细则, 目前无法预期。但在外资合伙企业登记制的原则下, 商务主管部门无法直接参与外资合伙企业的审批, 这可能也是给将来制订细则留下的悬念。 Issue: It is unpredictable now whether similar supplemental regulations will be pr
45、omulgated in future. Notwithstanding, based on the principle of registration of foreign PE, MOFCOM is unable to involve in the approal of FIPES, which was probably left open to future promulgation of detailed regulations. 32 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainCont
46、entandFeatureoftheMeasures问问题题: 是否意味着股权投资基金可以无需审批以外资合伙企业的形式设立? Q:CanequityinvestmentfundsbeestablishedintheformofFIPEwithoutbeingexaminedandapproved?管管理理办办法法:国家对外国企业或者个人在中国境内设立以投资为主要业务的合伙企业另有规定的, 依照其规定。因此, 对于以投资为主要业务(包括股权投资)的外资合伙企业, 其仍受到其他相关规定的限制和约束。TheMeasures:If other regulations provide for the e
47、stablishment of PE in China, as established by foreign enterprises or individuals, which mainly engage in investment businesses, such regulations shall be observed. Therefore, as for a FIPE mainly engaging in investment businesses (including equity investment), it shall still be limited and subject
48、to other relevant regulations. 33 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureoftheMeasures3.资本、出本、出资和融和融资Capital,CapitalContributionandFinancing三三资资企企业业: 以公司制形式设立的三资企业有注册资本和投资总额的概念。FIE: FIE incorporated in the form of a company has registered capital and
49、total investment amount.合合伙伙企企业业: 合伙人认缴出资和实际出资。普通合伙人可以用货币、实物、知识产权、土地使用权或者其他财产权利出资, 也可以用劳务出资, 但有限合伙人不得以劳务出资。PE: subscribed capital and actual capital of the partners. A GP can contribute its capital in cash, in kind, by way of IP, land use right or other property rights, or by way of labor service. B
50、ut a LP shall not make capital contribution by way of labor service. 34 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureofTheMeasures送送审审稿稿: 外国合伙人以货币出资的, 应为可自由兑换的外币。经审批机关批准, 外国合伙人可以用其从中国境内举办的其他企业获得的人民币利润, 或者以这些企业转股和清算所得等合法获得的人民币出资。The Draft Measures: Capital c
51、ontribution by foreign partners in cash shall be convertible foreign currency. After approval by the approval authority, foreign partners can make capital contribution by using RMB profits drawn from other enterprises in China set up by them, or RMB incomes from equity transfer and liquidation of su
52、ch enterprises. 35 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureofTheMeasures送送审审稿稿: 外商投资合伙企业的出资额, 是指为设立企业, 在工商行政管理机关登记的合作各方认缴的、除劳务出资之外的出资额之和。外商投资合伙企业的出资额一般不得减少。如因生产经营规模变化等原因确需减少的, 须经审批机关批准。TheDraftMeasures: The amount of capital contribution of a FIPE mean
53、s the sum of the capital subscribed by all the partners (excluding labor service) which is registered with the Registration Authority for establishment of such enterprise. Generally, the amount of the FIPE shall not be reduced. If necessary due to change of production and business scale, the reducti
54、on shall be approved by the approval authority. 36 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureofTheMeasures送送审审稿稿:外商投资合伙企业的投资总额的核定, 根据其出资额的数额, 参照中外合资经营企业的注册资本与投资总额的比例规定办理。TheDraftMeasures:The total investment amount of a FIPE shall be examined and determi
55、ned based on its amount of capital contribution by reference to the regulations in proportion to the registered capital and total investment amount of Sino-foreign Equity Joint Venture Enterprises. 37 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureofTheMeasur
56、es送送审审稿稿: 除以劳务出资外, 合伙人一般应当从颁发批准证书之日起90天内一次缴清合伙协议约定的出资。The Draft Measures: Except for labor service, generally, the partners shall pay its capital stipulated in the partnership agreement in a lump sum within 90 days after issuance of the approval certificate. 38 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切
57、权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureofTheMeasures管管理理办办法法: 外国企业或者个人用于出资的货币应当是可自由兑换的外币, 也可以是依法获得的人民币。TheMeasures: Currency contributed by foreign partners in cash shall be convertible foreign currency or RMB legally obtained by the foreign partners. 39 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利
58、保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureofTheMeasures虽然然送送审稿稿对于于外外资合合伙伙企企业的的“投投资总额”作作出出规定定,但但管管理理办法法未采未采纳此概念。此概念。 Although the Draft Measures provided the total investment amount of FIPE, the Measures did not include such concept. 送送审审稿稿限制外国合伙人以限制外国合伙人以劳务进劳务进行出行出资资。管理管理办办法法未采未采纳此此观点。点。
59、 The Draft Measures restrict foreign partners from making capital contribution by way of labor service, but the Measures removed such restrictions. 40 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureofTheMeasures与送审稿相比, 管理办法并未限制外国投资人用于出资的人民币来源, 而仅仅是要求“依法获得”。但由
60、于中国外汇管理制度的限制, 除了境内取得的人民币利润、投资转让、清算所得的人民币资金之外, 外国投资人通过其他途径合法取得人民币资金的渠道非常有限, 原则上外国投资人转让境内资产、股权取得的收益应当立即结汇汇出境外。Compared with the Draft Measures, the Measures did not set out restrictions on sources of RMB capital contribution of foreign investors, but only require such RMB be legally obtained. Subject
61、to the restrictions under the foreign exchange control system of the PRC, besides the RMB profits drawn in China and RMB incomes from equity transfer and liquidation, the foreign investors have limited avenues for obtaining RMB capital through other legal means. In principle, foreign investors shall
62、 promptly settle and remit abroad the foreign exchange derived from the earnings arising out of transfer of assets and equity in China.41 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureofTheMeasures送审稿规定, 合伙人对外资合伙企业的出资额未经批准不得减少。管理办法取消了此项限制。依照合伙企业法, 合伙人按照合伙协议的
63、约定或者经全体合伙人决定，可以增加或者减少对合伙企业的出资。The Draft Measures provided that the partners shall not reduce the amount of capital contributed to the FIPE without approval. The Measures did not include such a provision. According to the Partnership Enterprise Law, partners can increase or reduce the capital contrib
64、ution of a FIPE based on the partnership agreement or the decision of all the partners.42 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureofTheMeasures送审稿规定了合伙人的缴付出资期限(颁发批准证书之日起90日内), 这一规定突破了合伙企业法, 也改变了合伙企业出资灵活性的特点, 因此在管理办法未采用此项规定。The Draft Measures set forth
65、the schedule for capital contribution by the partners (within 90 days after issuance of the approval certificate), which exceeds the scope of the Partnership Enterprise Law and also changes the flexibility of capital contribution as a feature of PE, so such provision was not included under the Measu
66、res.43 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureofTheMeasures问题问题:外资合伙企业没有投资总额概念, 其外汇额度如何设定?Q:Without the concept of total investment amount for the FIPE, how is the foreign exchange quota established? 44 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办
67、办法法的主要内容和特的主要内容和特点点MainContentandFeatureofTheMeasures目前缺乏实践和法规细则的依据, 我们理解应当以外资合伙企业的认缴出资为限, 授予外资合伙企业的外汇额度, 但也不排除为了限制外汇流动, 而仅仅以外国投资人的出资部分为限授予外汇额度(可能性较小)。Currently, there lacks a guideline both in practice and by detailed regulation. We understand that the foreign exchange quota shall be limited to the
68、 subscribed capital contribution of the FIPE. It is also possible (although less likely) that, in order to restrict the flow of foreign exchange, the foreign exchange quota will be limited to the capital contribution made by the foreign investors.45 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法
69、法的主要内容和特的主要内容和特点点MainContentandFeatureofTheMeasures问问题题:三资企业可以在投资总额和注册资本的差额(“投注差”)范围内举借外债或者筹集境内银行借款。但外资合伙企业不存在投注差的概念, 是否意味着其无法举借资金?Q:FIEs can borrow foreign loans or raise money from domestic banks within the scope of the difference between the total investment amount and the registered capital (“Bo
70、rrowing Limitation”). While the FIPE do not have the concept of a Borrowing Limitation, how do such enterprises go about borrowing money? 46 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureofTheMeasures外债只能在外汇管理局授予的外汇额度内进行。境内人民币借款在实践中容易突破“投注差”的限制, 但取决于贷款人的实践操作
71、。Foreign loans can only be borrowed within the scope of the foreign exchange quota granted by the administration of foreign exchange. Domestic RMB loans may easily exceed the Borrowing Gap limit, as long as the borrower provides sufficient security to the lenders satisfaction.47 2010 通力律师事务所版权所有通力律师
72、事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureofTheMeasures4.组织机构机构简单化化SimplificationofOrganizationalStructure48类型类型组织机构组织机构责任责任权力机构权力机构董事会董事会监事会监事会高级管理人员高级管理人员股东责任股东责任董监高责任董监高责任外商投资外商投资企业企业外商独资企业外商独资企业股东外商独资的有限责任公司的组织机构应当符合公司法和公司章程的规定有限责任(例外刺破公司面纱)董事、监事、高级管理人员应当遵守法律、行政法规和公司章程,
73、 对公司负有忠实义务和勤勉义务中外合资企业中外合资企业董事会董事会成员不得少于3人 外商投资公司应当设立监事制度, 具体事宜可以由公司章程规定正副总经理（或正副厂长）由合营各方分别担任合营企业设经营管理机构, 负责企业的日常经营管理工作总经理、副总经理由合营企业董事会聘请中外合作企业中外合作企业董事会董事会或者联合管理委员会成员不得少于3人董事会或者联合管理机构可以决定任命或者聘请总经理负责合作企业的日常经营管理工作外商投资股份外商投资股份有限公司有限公司外商投资的股份有限公司的组织机构应当符合公司法和公司章程的规定 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切
74、权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureofTheMeasures49TypeOrganizationalStructureResponsibilityHighestAuthorityBoardofDirectorsBoardofSupervisorsSeniorOfficersResponsibilityofShareholderResponsibilityofDirector,SupervisorandSeniorOfficerForeignInvestedEnterpriseWhollyForeignOwnedEnterpris
75、eShareholder The organizational structure of a limited liability company wholly owned by foreign investor shall comply with the Company Law and the articles of association of such company.Limited liability (exception for piecing of corporate veil)The director, supervisor and senior officer shall com
76、ply with the laws, administrative regulations and the articles of association of the company, and shall assume the obligations of good faith and due diligence to the company.Sino-foreignEquityJointVentureEnterpriseBoard of DirectorsThe Board of Directors shall have at least 5 members.A foreign inves
77、ted company shall establish the supervisor system, of which the details can be stipulated in the articles of association of such company.The General Manager and Deputy General Manager (or the director and deputy director) shall be assumed by different parties of the joint venture enterprise respecti
78、vely.The joint venture enterprise shall establish management organizations responsible for the day-to-day business operation and management of such enterprise. The General Manager and Deputy General Manager shall be engaged by the Board of Directors of the joint venture enterprise. 2010 通力律师事务所版权所有通
79、力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureofTheMeasures50TypeofCompanyOrganizationalStructureResponsibilityHighestAuthorityBoardofDirectorsBoardofSupervisorsSeniorOfficersResponsibilityofShareholderResponsibilityofDirector,SupervisorandSeniorOfficerForeignInvestedEnterpr
80、iseSino-foreignContractualJointVentureEnterpriseBoard of DirectorsThe Board of Directors or the Joint Management Committee shall have at least 3 members.A foreign invested company shall establish the supervisor system, of which the details can be stipulated in the articles of association of such com
81、pany.The Board of Directors or the Joint Management Committee can decide the appointment or engagement of the General Manager to be responsible for the day-to-day business operation and management of such enterprise. Limited liability (exception for piecing of corporate veil)The director, supervisor
82、 and senior officer shall comply with the laws, administrative regulations and the articles of association of the company, and shall assume the obligations of good faith and due diligence to the company.ForeignInvestedCompanyLimitedbySharesThe organizational structure of a foreign invested companies
83、 limited by shares shall comply with the Company Law and the articles of association of such company. 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureofTheMeasures4.组织机构机构简单化化SimplificationofOrganizationalStructure51类型类型合伙人合伙人合伙人责任合伙人责任合伙企业合伙企业普通合伙企业普通合伙企业普通合伙
84、企业普通合伙企业合伙人对执行合伙事务享有同等的权利。按照合伙协议的约定或者经全体合伙人决定, 可以委托一个或者数个合伙人对外代表合伙企业, 执行合伙事务。不执行合伙事务的合伙人有权监督执行事务合伙人执行合伙事务的情况。合伙人对合伙企业有关事项作出决议, 按照合伙协议约定的表决办法办理。合伙协议未约定或者约定不明确的, 实行合伙人一人一票并经全体合伙人过半数通过的表决办法合伙人对合伙企业债务承担无限连带责任特殊的普通合伙企业特殊的普通合伙企业一个合伙人或者数个合伙人在执业活动中因故意或者重大过失造成合伙企业债务的, 应当承担无限责任或者无限连带责任, 其他合伙人以其在合伙企业中的财产份额为限承担
85、责任。合伙人在执业活动中非因故意或者重大过失造成的合伙企业债务以及合伙企业的其他债务, 由全体合伙人承担无限连带责任。有限合伙企业有限合伙企业有限合伙企业由普通合伙人执行合伙事务。有限合伙人不执行合伙事务普通合伙人对合伙企业债务承担无限连带责任, 有限合伙人以其认缴的出资额为限对合伙企业债务承担责任 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureofTheMeasures52TypePartnerResponsibilityofPartnerPEGPEGPEThe
86、partners shall have equal rights to manage the PE affairs. Based on the partnership agreement or the decisions of all the partners, one or more partners can be assigned to manage the PE affairs on behalf of the PE. The other partners shall have the right to supervise the executive partner(s) regardi
87、ng the management of the PE affairs. Resolutions by the partners on the matters relating to a PE shall apply the voting measures stipulated in the partnership agreement. If the partnership agreement has no provisions or no specified provisions, each partner shall have one vote and resolutions with m
88、ajority voting of all the partners shall be adopted. The partners assume unlimited, joint and several liability for PEs debtsSpecialGPEIn case of PEs debts attributable to one or more partners willful misconduct or gross negligence during the course of managing the PE affairs, such partner(s) shall
89、assume unlimited liability or unlimited, joint and several liability, and the other partners shall assume the liability limited to its shares in the PE. In case of PEs debts not attributable to the any partners willful misconduct or gross negligence during the course of managing the PE affairs and o
90、ther PEs debts, all the partners shall assume unlimited, joint and several liability.LPEThe GP of a LPE shall manage the PE affairs. The LP is not responsible for implementing the PE affairs. The GP shall assume unlimited, joint and several liability for the LPEs debts, and LPs shall assume the liab
91、ility limited to the capital contribution subscribed by such LP for the LPEs debts. 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureofTheMeasures5.管理管理办办法法与与合伙企合伙企业业法法的的进进一步一步衔衔接接Closer Connection between The Measures and ThePartnershipEnterpriseLaw管理办法未突破合伙企业
92、法的规定, 只是在其基础上就外资合伙企业作出了补充性规定; 同时, 管理办法未作规定的, 依照中华人民共和国合伙企业登记管理办法和国家有关规定执行。The Measures did not exceed the scope of the Partnership Enterprise Law, but only supplement the provisions on FIPE based on the Partnership Enterprise Law. It also specified that if there is no provisions therein, the Adminis
93、trative Measures on PRC Partnership Enterprise Registration and the relevant PRC laws shall be implemented. 53 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利三三.管理管理办办法法的主要内容和特的主要内容和特点点MainContentandFeatureofTheMeasures管理办法条文相比送审稿大幅减少, 可以预期在实践中会出现大量有关外资合伙企业如何适用的问题(包括工商主管部门、商务主管部门、外汇管理部门之间的协调), 而这些问题无法简单的通过
94、合伙企业法条文予以解决, 因此相关部门有可能会出台相应的配套文件。The number of articles of the Measures were largely reduced compared with the Draft Measures. It is expected that numerous problems will arise in practice regarding the implementation of PE (including the coordination between the administration of commerce and the ad
95、ministration of foreign exchange), and such problems can hardly be resolved solely in reliance of the provisions of the Partnership Enterprise Law. Therefore, the relevant departments are likely to promulgate corresponding supplemental files. 54 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利四四.外外资私募股私募股权基
96、金的契机基金的契机?OpportunityforForeignPrivateEquityInvestmentFundn外商投外商投资创投企投企业和外和外资有限合伙企有限合伙企业FIVentureCapitalEnterpriseandFILPE55结构项目结构项目外资创投企业外资创投企业有限合伙有限合伙公司制公司制非法人制非法人制主要障碍主要障碍设立时间较长;有投资范围的限制。外资资本金结汇不能用于股权投资;合伙企业上市公司股东的政策不明确(目前该政策因创业板的推出正在调整);外汇直接结汇有难度。设立要求设立要求基本与其他外商投资企业(外商独资、中外合资、中外合作)相同非法人制的组织形式法律规
97、定不明确, 各地操作差异性很大投资人与境内投资人共同设立投资性外资合伙企业的可行性尚不确定设立所需时间设立所需时间相对较长相对较长, 可能长于设立外资创投企业公司治理和控制公司治理和控制法律、法规和实践相对完善但如投资人为外资创投企业的小股东, 其可能无法对目标企业乃至项目公司进行全面的控制协议约定由合伙协议约定责任承担责任承担投资者以其各自认缴的出资额为限对创投企业承担责任投资者对创投企业的债务承担连带责任。普通合伙人承担无限责任, 有限合伙人以其各自认缴的出资额为限承担有限责任 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利四四.外外资私募股私募股权基金的
98、契机基金的契机?OpportunityforForeignPrivateEquityInvestmentFundItemFIVentureCapitalEnterpriseLPEIncorporationSystemNon-incorporationSystemMajorObstaclesTime consuming in the establishment process;Restrictions on investment scope.Foreign exchange settlement for the foreign capital cannot be used for equity
99、investment;No specified policy on the PEs qualification as the shareholders of listed companies (currently such policy is being adjusted with the emergence of ChiNext);Difficulty in direct foreign exchange settlement.RequirementsorEstablishmentBasically same as other FIEsNo specified regulations on
100、the organizational form of non-incorporation; great difference subject to local practicesIt cannot be determined whether it is feasible for investors and Chinese investors to jointly establish FIPE.TimeRequiredforEstablishmentComparatively longComparatively long and may be longer than the establishm
101、ent of a FI venture capital enterprise56 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利四四.外外资私募股私募股权基金的契机基金的契机?OpportunityforForeignPrivateEquityInvestmentFundItemFIVentureCapitalEnterpriseLPEIncorporationSystemNon-incorporationSystemCorporateGovernanceandControlComparatively comprehensive laws, regulatio
102、ns and practices, but if the investor is a minority shareholder of a FI venture capital enterprise, it may not be able to have overall control over the target enterprise and even the project companyAccording to agreementAccording to the partnership agreementAssumptionofResponsibilityThe investors sh
103、all assume liability limited to the capital contribution subscribed by such investors for the debts of the FI venture capital enterprise.The investors shall assume joint and several liability for the debts of the FI venture capital enterprise.The GP shall assume unlimited liability and the LP shall
104、assume the liability limited to the capital contribution subscribed by such LP respectively.57 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利四四.外外资私募股私募股权基金的契机基金的契机?OpportunityforForeignPrivateEquityInvestmentFund58结构项目结构项目外资创投企业外资创投企业有限合伙有限合伙公司制公司制非法人制非法人制经营范围经营范围主要用于创业投资。所投资项目受外商投资创业投资管理规定以及外商投资产业目录双重规范
105、投资范围广;但所投资项目是否受外商投资产业目录规范不明确。税收负担税收负担需就其全球所得缴纳中国企业所得税, 但是其从投资于中国境内企业取得的股息收入一般可以免征企业所得税;投资额70%抵扣应纳税所得额;公司制创投和个人可能双重征税。可由投资各方分别申报缴纳企业所得税, 也可以由该创投企业统一申报缴纳企业所得税;投资总额70%抵免应纳税所得额的优惠政策能否适用存在不确定性。有限合伙企业不纳税, 由合伙人各自纳税;税法规定不全面。增资、减资、增资、减资、重组重组境内投资人为国有资本, 手续复杂; 投资人为境外基金, 项目公司改变持股结构、注册资本等需经审批和登记; 增、减资方面的缺乏弹性。协议约
106、定, 但需办理登记手续投资回报投资回报留存公司的法定盈余公积和公司其他资金可能减少投资人的投资回报投资人设立的子公司的机构, 留存公司的法定盈余公积和公司其他资金可能减少投资人的投资回报实施难度实施难度有相对应的法律规定, 可行无明确对应的法律规定, 实施有难度 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利四四.外外资私募股私募股权基金的契机基金的契机?OpportunityforForeignPrivateEquityInvestmentFund59ItemFIVentureCapitalEnterpriseLPEIncorporationSystemNo
107、n-incorporationSystemBusinessScopeMainly in venture capital investment. The invested projects shall be subject to both the Administrative Regulations on Foreign Invested Venture Capital Investment and the Catalogue for Guidance of Foreign Investment Industries.Wide range of investment;But it can not
108、 be determined whether the invested projects shall be subject to the Catalogue for Guidance of Foreign Investment Industries.TaxationPRC enterprise income tax for its global income shall be paid, but that for its dividend income arising from its investment in PRC enterprises can be exempted in gener
109、al;70% of the investment amount can be deducted from taxable income amount;Both the incorporated venture capital enterprise and the individual may need to pay tax.The enterprise income tax can be filed and paid by the respective investors or solely by the venture capital enterprise;It cannot be dete
110、rmined whether the preferable policy that 70% of the investment amount can be deducted from taxable income amount is applicable.An LPE need not pay taxes and the partners shall pay taxes;No comprehensive stipulations under tax law. 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利四四.外外资私募股私募股权基金的契机基金的契机?Oppo
111、rtunityforForeignPrivateEquityInvestmentFund60ItemFIVentureCapitalEnterpriseLPEIncorporationSystemNon-incorporationSystemCapitalIncrease,Decrease,ReorganizationIn the case that the Chinese investor holds state-owned capital, complex formalities will be involved;In the case where an overseas fund is
112、the investor, the change of shareholding structure and registered capital of the project company, etc will require examination, approval and registration;Capital increase and decrease lack flexibility. By agreement, provided that corresponding registration is carried out.InvestmentReturnThe legal ca
113、pital surplus and other capital reserves in the company may reduce the investment return of the investors.The institutions of the subsidiary established by the investors, the legal capital surplus and other capitals reserved in the company may reduce the investment return of the investors.Difficulty
114、inImplementationFeasible with corresponding legal basis Difficult to implement without specified corresponding legal basis 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利四四.外外资私募股私募股权基金的契机基金的契机?OpportunityforForeignPrivateEquityInvestmentFundn服服务类行行业ServiceIndustriesn股股权投投资企企业?Equityinvestmententerprise?n管
115、管理理办办法法:国国家家对外外国国企企业或或者者个个人人在在中中国国境境内内设立立以以投投资为主主要要业务的合伙企的合伙企业另有另有规定的定的,依照其依照其规定。定。The Measures: If other regulations otherwise provide for the establishment of PE in China which main engage in investment businesses by foreign enterprises or individuals, such regulations shall be observed. 61 2010 通
116、力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利外外资有限合伙理想模式有限合伙理想模式FILPEIdealStructure62投资人(Investor)(LP)投资 (Investment Portfolio)境外(Offshore) GP境内/Onshore()有限合伙企业LPE 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利外外资有限合伙理想模式有限合伙理想模式2FILPEIdealStructure263投资人(Investor)(LP)投资 (Investment Portfolio)境外(Offshore) GP境内境外()(?
117、)外商投资企业(FIE)(GP)有限合伙企业LPE 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利外外资有限合伙基本模式有限合伙基本模式FILPE-BasicStructure64100%外商投资企业境内再投资公司(GP) 100%境内有限公司(GP)有限合伙企业境内投资人(LP)投资项目境外投资者外商投资股权投资管理公司(管理人) 委托管理协议境内境外 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利外外资有限合伙的有限合伙的变通模式通模式1FILPEAlternativeStructure165投资项目境外投资者股权投资管理
118、公司(管理人)境内合资(合作)有限公司(GP)有限合伙企业境内投资人(LP)委托管理协议境内投资人合作协议境内境外 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利外外资有限合伙的有限合伙的变通模式通模式2FILPEAlternativeStructure266境外投资者中外合资(合作)投资管理公司有限合伙企业境内投资人境内投资人作为GP作为LP委托管理协议境内境外 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利契契约式式ContractualMode67境外投资者契约型基金股权投资管理公司境内投资人100%管理协议投资项目境内
119、境外托管银行资金监管 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利信托模式信托模式TrustMode68境外投资者股权投资管理公司境内投资人信托计划投资人信托公司认购认购至少10%投资顾问投资顾问协议(与信托公司分享管理费及收益)投资项目发行次级受益人优先受益人信托计划境内境外 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利银行理财产品Asset Management Product69境外投资者合作协议购买理财产品股权投资管理公司投资项目银行信托公司受托投资(代持)信托监管投资人(私人银行客户)有限合伙企业账户监管投资管理
120、公司境内境外 2010 通力律师事务所版权所有通力律师事务所版权所有 保留一切权利保留一切权利70联系方式联系方式Contacts俞卫锋(DavidYu)Partner/Attorney电话Tel:021-31358686邮箱箱Email:陆易易(ClareLu)Partner/Attorney电话Tel:021-31358667邮箱箱Email:上海上海银城中路城中路68号号时代金融中心代金融中心19楼楼北京北京西城区金融街西城区金融街7号英号英蓝国国际金融中心金融中心902-903传真真Fax:021-31358600传真真Fax:010-66555060 2010 通力律师事务所版权所有
121、通力律师事务所版权所有 保留一切权利保留一切权利71声明声明Disclaimer该该讲讲稿稿中中所所反反映映的的信信息息截截止止于于2010年年1月月26日日。在在准准备备该该讲讲稿稿的的过过程程中中,我我们们依依赖赖并并假假设设我我们们所所获获得得的的所所有有公公开开信信息息是是准准确确、完完整整的的,且且我我们们并并未未对对该该等等信信息息进进行行核核查查。本本讲讲稿稿中中的的信信息息并并不不构构成成通通力力律律师师事事务务所所正正式式的的法法律律意见。意见。InformationcontainedhereinisprovidedonJanuary26,2010.Inthecourse o
122、f preparing this material, we assume that all the publicinformation we have obtained and relied upon is accurate andcomplete. Furthermore, we have not undertaken any independentreview or verification against such information. Any informationcontainedhereindoesnotconstituteaformallegalopinionofLlinksLawOffices.
