1、行业与法律动态 2009年第6期 China Investment Report Issue No. 6, 2009 中文版 本所新闻 P1 最新法律法规提示 P1 热点评述 P3 English Firm News P4 Legal Updates P4 Special Feature P6 本所新闻 瑛明所担任发行人全程法律顾问的无锡宝通带业股份有限公司（以下简称“ 宝通带业” ）创业板首发申请已于11 月2 日通过。宝通带业此次上市拟发行1250万股，拟募集资金2.06亿元。上市后，宝通带业将成为创业板“ 无锡第一股” . 该项目已经是瑛明所担任法律顾问并成功获得证监会创业板发审委通过的
2、第三个创业板首发上市项目。此前，瑛明所已担任了第一批在创业板上市的华谊兄弟传媒股份有限公司和武汉中原华电科技股份有限公司的发行上市全程法律顾问。 最新法律法规提示 1、 2009年 10月 23日，商务部，国家发展和改革委员会，工业和信息化部，财政部，海关总署，国家质量监督检查检疫总局联合发布关于促进我国汽车产品出口持续健康发展的若干意见 。 要点： 提出的战略目标是中国汽车产业将力争实现到 2020年汽车及零部件出口额占世界汽车产品贸易总额10% 。 提出加快国家汽车及零部件出口基地建设；鼓励企业利用金融工具；加强知识产权保护；加大国际市场开拓力度；加强服务体系建设等促进汽车产业持续健康发展
3、等措施。 2、 2009年 11月 5日，财政部发布关于企业公益性捐赠股权有关财务问题的通知 。 要点： 1 由自然人、非国有的法人及其他经济组织投资控股的企业，依法履行内部决策程序，由投资者审议决定后，其持有的股权可以用于公益性捐赠。 企业以持有的股权进行公益性捐赠，应当以不影响企业债务清偿能力为前提，且受赠对象应当是依法设立的公益性社会团体和公益性非营利的事业单位。 企业捐赠后，必须办理股权变更手续，不再对已捐赠股权行使股东权利，并不得要求受赠单位予以经济回报。 3、 2008年10 月 27日，国家税务总局发布关于明确国有土地使用权出让契税计税依据的批复 。 要点： 明确出让国有土地使用
4、权，契税计税价格为承受人为取得该土地使用权而支付的全部经济利益。 对通过“ 招、拍、挂” 程序承受国有土地使用权的公司，应按照土地成交总价款计征契税，其中的土地前期开发成本不得扣除。 4、 2009年 11月 2日，上海证券交易所发布关于修订上海证券交易所公司债券上市规则的通知 、 关于修订公司债券发行、上市、交易有关事宜的通知 ，深圳证券交易所发布深圳证券交易所公司债券上市规则 。 要点： 上交所根据公司债券的具体资信等级和其他指标的差异，对其实行差异化管理。不能达到分类标准所列条件的公司债券，该债券只能向机构投资者发行，不能向个人投资者发行，上市后只能在固定收益平台交易。 上交所公司债券分
5、类管理的标准包括，发行人的债项评级不低于 AA，债券上市前，发行人最近三个会计年度实现的年均可分配利润不少于债券一年利息的1.5倍等。 发行人申请其发行的债券在深交所上市，其债券期限应为一年以上，且债券实际发行额不少于人民币五千万元。债券发行人在提出上市申请至其债券上市交易前，未经深交所同意不得擅自披露与本次债券上市有关的信息。 发行人董事、监事和高级管理人员应当保证信息披露内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏，并就其保证承担个别和连带的责任。 5、 2009年 10月 21日，国家税务总局发布关于纳税人资产重组有关增值税政策问题的批复 。 要点： 2 纳税人在资产重组过程
6、中将所属资产、负债及相关权利和义务转让给控股公司，但保留上市公司资格的行为，不属于整体转让企业产权行为。对上述纳税人资产重组过程中涉及的应税货物转让等行为，应征收增值税。 上述控股公司将受让获得的实物资产再投资给其他公司的行为，应征收增值税。 6、 2009年10 月 21日，国家工商总局发布关于进一步促进个体私营经济发展的若干意见 。 要点： 鼓励私营企业做大、做强。除国家明令禁止的外，凡允许国有和外资企业进入的投资领域，一律对个体私营企业开放。 重点支持符合国家产业政策、具有竞争优势的私营企业，通过兼并、重组等方式，组建跨行业、跨地区经营的大型企业集团，支持服务业私营企业开展连锁经营。 相
7、关部门将根据不同行业、不同规模个体私营企业的特点，研究制订针对“ 微型企业” 的扶持措施。 7、 2009年10 月 16日，深圳证券交易所发布创业板上市公司规范运作指引 。 要点： 创业板上市公司的超募资金应同样存放于募集资金专户，而且应当投资于公司的主营业务，不能用于开展证券投资等高风险投资，公司应当及时披露超募资金的使用计划。 创业板上市公司可在公司章程中规定对非董事、监事和高级管理人员的核心技术人员、管理人员、销售人员等所持股份进行锁定，或者由前述人员自愿申请对所持本公司股份进行锁定。 创业板上市公司应建立规范的公司治理结构和健全的内部控制制度，完善股东大会、董事会、监事会议事规则和权
8、力制衡机制。 内部审计部门每季度应对货币资金的内控制度检查一次，重点关注大额非经营性货币资金支出的授权批准手续是否健全等。 8、 2009年10 月 13日，中国证券监督管理委员会发布关于修改第十四条和第十九条的决定（征求意见稿） 。 要点： 意见征求稿扩大了开立证券账户的投资者范围，允许合伙企业等组织形式的投资者依法开户。征求意见稿还规定，“ 投资者开立证券账户应当向证券登记结算机构提出申请，3且应当保证其提交的开户资料真实、准确、完整。 ”如或通过，这将是第一次合伙企业被以法规的形式允许开立证券户头，解决了长期困扰风险投资和私募股权基金的一个退出机制上的障碍。 热点评述 外商直接投资中国的
9、新方式 2009 年 11 月 25 日，国务院公布了外国企业或者个人在中国境内设立合伙企业管理办法（以下简称“合伙企业办法”），为外国企业和个人来华直接投资提供了新的渠道，办法自 2010 年 3 月 1 日起实施。 在外商投资政策方面，中国先后对以中外合资经营、中外合作经营以及外商独资经营方式设立外商投资企业规定了一系列管理制度。而在中国境内设立合伙企业，是和原来完全不同的一种外商投资方式。合伙办法的发布，对外国企业或者个人在中国境内设立合伙企业，及其运营、变更、解散等事项作出了明确的规定。 根据合伙办法的规定，其适用的范围是，两个以上外国企业或者个人在中国境内设立合伙企业；外国企业或者个
10、人与中国的自然人、法人和其他组织在中国境内设立合伙企业；以及中国的自然人、法人和其他组织在中国境内设立合伙企业后，外国企业或者个人通过入伙或者受让合伙企业财产份额的方式成为合伙人。香港特别行政区、澳门特别行政区和台湾地区的企业或者个人在内地设立合伙企业，也参照合伙办法的规定。 此外，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。 为了鼓励投资，简化审批手续，新发布的合伙办法对外国企业或者个人在中国境内设立合伙企业实行直接向企业登记机关登记的制度，不需要经商务主管部门批准，只需由全体合伙人指定的代表或者共同委托的代理人向工商行政管理部门申请设立登记即可。 但是，
11、由于取消了商务主管部门的审批，申请设立登记时申请人应当提交符合外商投资产业政策的说明，以便于企业登记机关判断。 值得注意的是，对于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，合伙办法并未作明确规定，仅采用了一个弹性条款，即“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。”这意味着现行有关股权投资和创业投资的法规和政策仍然适用。据透露，对创业投资企业、私募基金等，“是否存在较大的风险、存在什么样的风险，有没有必要采取相对严格的管理制度和措施，目前还缺少必要的实践经验，有关方面认识也不一致”。因此，合伙办法对此预留了将来进一步规制的空间。 -
12、瑛明律师事务所是一家具有中国法律执业资格的律师事务所。本刊物的内容并不构成，也不应被视为构成正式的法律意见或建议。由于个案中的具体事实和情况各不相同，在根据本刊物的信息作出行动决策之前，4您应当先向具有相应法律执业资格的律师咨询。 Firm News Chen and the issuers annual allocable profits in each of the previous three accounting years prior to the listing shall not be less than one and a half times the bonds annual
13、 interest. Under the Rules issued by the Shenzhen Stock Exchange, an enterprise bond offering must have a term of greater than one year and an offering amount of at least RMB 50 million to qualify for listing. After it has filed its application and before the bonds are listed for trading, an enterpr
14、ise shall disclose any information concerning the bond listing without the permission of the Shenzhen Stock Exchange. The issuers directors, supervisors and senior managers shall ensure that the disclosed information is authentic, accurate and complete, is without any false record, misunderstanding,
15、 or major omission. They shall also be jointly responsible with the company for the accuracy of the information disclosure. 5. On October 21, the State Taxation Administration (SAT) issued “the Reply on Issues Concerning the Value-added Policies on the Taxpayers Asset Reconstruction “. Highlights: I
16、f taxpayers transfer their assets, liabilities, the related rights and obligations to the holding companies during their asset reconstruction, but retain the qualifications of listed firms, such activities must not be subject to the collective transfer of the enterprises property rights. The aforeme
17、ntioned taxpayers must pay the value-added tax on such activities as transfer of the taxable goods in line with law. 7 The aforementioned holding firms must also pay the value added tax if they reinvest in other firms with the assets acquired from the transfer. 6. On October 21, the State Administra
18、tion for Industry and Commerce (SAIC) issued the “Several Opinions on Further Accelerating the Development of Individual Private Economy“. Highlights: Encouraging the expanding and strengthening of the individual private enterprises. All investment fields which are available for State-owned enterpri
19、ses and foreign-funded enterprises will be open to individual private enterprises except for those expressly prohibited by official order. the SAIC will attach great importance in supporting private enterprises which are qualified with the national industry policy and are of competitive advantages t
20、o establish large-scale cross-industry and cross-region enterprise groups via merger and reorganization. Private enterprise of service industry will also be supported to run chain business. The relevant departments shall research for measures in supporting the “miniature enterprise“ according to the
21、ir various sizes and industries. 7. On October 16, 2009, the Shenzhen Stock Exchange issued the “Guidelines for the Regulative Operation of Firms Listed on the Growth Enterprise Market”. Highlights: Enterprises listed on the Growth Enterprise Market (GEM) must deposit any excess funds raised in thei
22、r offering in the fund accounts and must invest such funds in their major businesses, rather than in higher-risk investments, such as securities. The company shall timely disclose the plan of using the over-raised funds. Enterprises listed on the GEM are eligible to include terms in their articles o
23、f association to lock up the shares held by core technicians, managers, sales persons who are not directors, supervisors or higher administrators. The aforementioned personnel may also voluntarily apply to lock their shares in the company. Enterprises listed on the GEM shall establish regulative cor
24、porate management structures and complete internal controlling systems, and modify the rules of procedure and power-balancing mechanisms of the meeting of shareholders, board of directors and the meeting of supervisors. 8 The internal audit department of a GEM listed enterprise shall inspect its int
25、ernal currency control mechanisms every quarter, focusing on any large non-operating expenditures to ensure the relevant authorization procedures are followed. 8. On October 13, the China Securities Regulatory Commission (CSRC) issued “the Decisions on Revising Article 14 and Article 19 of the Admin
26、istrative Measures for the Securities Registration and Settlement (Draft for Comment)”. Highlights: The draft version of the Decision extended the scopes of investors who are eligible to establish securities accounts, and allowed such investors as the partnership enterprises to establish securities
27、accounts in line with law. It also stipulated that “the investors must raise applications for their establishment of securities accounts to the securities registration and settlement institutions, and must make sure that the application materials are authentic, accurate and complete“. If the Draft f
28、or Comment is passed, it will mark the first time a partnership enterprise is allowed to open securities account, ending a long-standing obstacle faced by private equity funds and venture capitalists in exiting PRC investment projects. Special Feature New Measures for Foreign Direct Investment in Ch
29、ina On November 25, 2009, Chinas State Council released the “Administrative Measures for Foreign Enterprises and Individuals Setting up Partnerships within China” (hereinafter referred to as “Partnership Measures”), providing new channels for foreign enterprises and individuals to make direct invest
30、ments in China. The Partnership Measures will become effective on March 1, 2010. In the area of foreign investment, China has successfully enacted a series of specific administrative regulations to establish and govern foreign-funded enterprises, including Chinese-foreign joint ventures, Chinese-for
31、eign cooperative businesses and wholly foreign-owned enterprises. To date, measures to permit the establishment of partnership enterprises in China by foreign enterprises and individuals have been lacking. The newly released Partnership Measures provide the procedures for foreign investors to establ
32、ish, operate, change the structure of, and close a partnership. 9The Partnership Measures applies to two or more foreign enterprises or individuals who establish partnership enterprises. It also applies to a partnership established by foreign enterprises or individuals with Chinese enterprises or in
33、dividuals, and foreign enterprises or individuals who become partners through the purchase of existing partnership equity or assets from Chinese individuals or entities. Partnerships established in the Chinese mainland by companies or individuals from the Hong Kong Special Administrative Region, Mac
34、ao Special Administrative Region and Taiwan are also subject to the Partnership Measures. Foreign enterprises or individuals are permitted to fund the partnership enterprise with exchangeable foreign currency or with lawfully acquired RMB currency. To further encourage foreign investment and streaml
35、ine the relevant administrative examination and approval procedures, the Partnership Measures provide that foreign enterprises or individuals can form a partnership enterprise in China without obtaining prior approval from the Ministry of Commerce (“MOFCOM”). Instead, the investors will only have to
36、 register with the industrial and commercial administrative authorities. However, in lieu of the MOFCOM approval, applicants shall file statements attesting that they have complied with industry policies on foreign investment with their registration application to the industrial and commercial admin
37、istrative authorities for review by that body. Although the Partnership Measures provide for the creation of investment-oriented partnerships, such as RMB funds, they were short on governing details, providing only that “The investment-focused partnerships established by foreign enterprises or indiv
38、iduals within China shall be in line with the special regulations otherwise provided by the government”. This means that the existing rules covering venture capital and private equity funds are probably still in effect. According to the official announcement by the State Council, the government “sti
39、ll lacks the necessary knowledge and experience to identify and assess all the risks for venture capital enterprises and private equity funds, and whether strict rules must be adopted“ and that the “relevant sides still have different understandings“. Therefore, the lack of details in the Partnershi
40、p Measures concerning the creation of investment-oriented partnerships provides room for further adjustment in the future. 10- Chen & Co. is a PRC law firm licensed to practice law in the PRC. The information presented in this report is of a general nature and for reference only. It does not constitute and should not be construed as constituting a legal opinion or advice. Because individual facts and circumstances will vary, you should consult with licensed PRC counsel before acting upon this information. 11
