17
2025-10
In practice, some companies, acting as guarantors and assuming guarantee liabilities, have proceeded with company deregistration procedures even before their guarantee responsibilities are clearly defined or the guarantee period has expired. This effectively eliminates the legal existence of the guarantor entity. Under such circumstances, the company’s corporate status is terminated, meaning it can no longer be sued as a civil party. As a result, creditors are left in a difficult position—facing the "disappearance" of the guarantor. How creditors can assert their rights and take appropriate measures to safeguard their interests has become a highly debated issue in legal practice. Drawing on current legal provisions and typical judicial cases, this article analyzes, from the creditor’s perspective: When a corporate guarantor undergoes deregistration during the guarantee period, does the guarantee claim automatically cease to exist? How does deregistration affect the underlying guarantee obligation? To whom can creditors turn to enforce their rights, and what specific legal avenues are available for protecting their interests? Additionally, the article addresses critical evidentiary considerations that creditors should keep in mind, aiming to provide practical guidance for stakeholders facing similar challenges.
2025-10-17
13
2025-10
Since 2025, Hong Kong's capital market has once again become the central hub for cross-border financing by mainland Chinese enterprises. According to data disclosed by the Hong Kong Exchanges and Clearing, new stock financing in the Hong Kong market reached US$14.1 billion in the first half of the year, representing a remarkable year-on-year increase of 695%—surpassing both New York and the Shanghai Stock Exchange to claim the top spot globally in terms of IPO fundraising. As of the end of September, the number of companies waiting in line for an IPO on the Hong Kong stock market surged to 298, among which 78 are A-share listed companies, including industry leaders such as Luxshare Precision and Muyuan Shares—12 of these companies boast market capitalizations exceeding 100 billion yuan. This trend underscores a clear shift toward a dual-platform strategy of listing simultaneously on both the A-share and H-share markets. Behind this surge lies Hong Kong’s thriving capital market, benefiting from the institutional reforms introduced in 2018—such as allowing unprofitable biotech firms and companies with different voting rights structures to list—and the continued advantages brought about by the launch of the "Specialized Technology" board in 2023. These reforms have not only strengthened Hong Kong’s appeal but also align closely with mainland Chinese enterprises’ strategic goals under the "Dual Circulation" initiative: namely, their growing need to pursue global capital deployment and enhance their international brand presence. From a practical standpoint, systematically outlining the core advantages of mainland companies listing in Hong Kong, along with a comprehensive overview of the entire listing process and the latest operational guidelines for 2025, can provide prospective issuers with a clear roadmap. Moreover, it equips them with the tools to effectively navigate compliance risks and streamline their listing processes, making this guidance highly relevant and valuable in today’s dynamic market environment.
2025-10-13
13
2025-10
Perspective | Special Report on Early Termination of PPP Projects — Policy and Regulatory Insights
Since the tightening of PPP project policies at the end of 2017, nearly 14 trillion yuan worth of existing projects have been grappling with issues such as insufficient financing for project companies, delayed government payments, and lower-than-expected operational revenues. As a result, project construction has remained stalled for extended periods, while operational quality has significantly deteriorated, placing immense pressure on both the government and private-sector investors. Addressing the current challenges faced by these legacy PPP projects—and striking a balance between investment returns and public interests—has become a shared challenge for both the government and private capital partners. The issuance of the "Guiding Opinions on Regulating the Construction and Operation of Existing Government and Social Capital Cooperation Projects" (Guobanhuan [2025] No. 84) provides crucial policy support for the early termination of legacy PPP projects. This article, drawing on relevant legal frameworks as well as recent regulations from fiscal and development authorities, systematically examines the regulatory basis for early termination of PPP projects, offering a robust framework to guide such processes.
2025-10-13
11
2025-10
Perspective | Strategies for Handling Spousal Diversion of Marital Assets During Divorce
When marital relationships break down and divorce becomes inevitable, it's not uncommon for one spouse to secretly transfer or hide jointly owned marital assets. Common scenarios include one spouse transferring bank deposits without the other’s knowledge, selling off property at significantly reduced prices just before the divorce, transferring company shares to third parties, or even creating fake debts—all in an attempt to divert assets that rightfully belong to the couple. Such actions not only infringe upon the legal property rights of the other spouse but also violate the principle of honesty and trustworthiness central to marital relationships. The Marriage and Family Chapter of the Civil Code clearly addresses this issue: if one party is found to have concealed or transferred joint marital assets during divorce proceedings, the court has the authority to award that party a smaller share—or no share at all—when dividing the marital property. So, how should the aggrieved party, whose rights have been compromised by such unauthorized asset transfers during marriage, uncover relevant financial clues and effectively utilize legal measures to protect their interests? This article will systematically examine and analyze the types of unauthorized marital asset transfers, strategies for gathering evidence, and available remedies, drawing on both legal provisions and real-life cases.
2025-10-11
30
2025-09
As the cornerstone of credit in capital markets, the quality of information disclosure directly determines the effectiveness of investor decision-making and the efficiency of resource allocation. According to the 2025 "White Paper on Securities Dispute Adjudication" released by the Beijing Financial Court, disputes arising from false statements account for 99.7% of all securities fraud cases, with financial fraud accounting for more than one-third of these incidents. From Kangmei Pharmaceutical’s massive 10-billion-yuan fund manipulation to Meishang Ecology’s eight consecutive years of artificially inflated profits, such misconduct not only erodes market trust but also undermines the institutional foundation of the "three publics" principle—fairness, openness, and justice. Although the 2022 "New Judicial Interpretation" has introduced more refined criteria and loss calculation rules since its implementation, ambiguities remain regarding the boundaries of constituent elements, as well as challenges in quantifying systemic risks. This article examines typical cases from 2024–2025, dissecting the logic behind identifying false statements and the methods used to calculate related losses. It also highlights the crucial role lawyers play in guiding practical applications, offering comprehensive guidance to market participants.
2025-09-30
29
2025-09
Perspective | Determining Overage Employment Relationships Under the New Regulations
As China’s population aging accelerates and the country advances its policies on delaying retirement, the number of employed individuals who have already surpassed the statutory retirement age—typically 60 for men and 55 or 50 for women—continues to grow, sparking increasing controversy and disputes. Determining the nature of the employment relationship between employers and these workers, as well as ensuring their rights and benefits, has become a central issue in practical applications. Starting from September 1, 2025, the Supreme People’s Court’s "Interpretation on Applying Laws in Handling Labor Dispute Cases (II)"—hereafter referred to as the "New Interpretation"—will officially come into effect. Concurrently, the Ministry of Human Resources and Social Security, along with other relevant departments, has released the "Provisional Measures for Protecting the Basic Rights and Interests of Older Workers (Draft for Public Comment)"—hereafter referred to as the "Provisional Measures"—providing a framework for addressing these critical issues. This article, drawing on the newly issued judicial interpretation and policy guidelines, explores and analyzes how to determine the nature of employment relationships involving older workers.
2025-09-29
29
2025-09
In daily corporate operations and financing activities, it is all too common for the legal representative to unilaterally provide external guarantees in the company's name without going through the company's internal resolution process—this is what we often refer to as "ultra vires guarantee." Prior to the enactment of the Civil Code and its accompanying judicial interpretation on the guarantee system, there was significant controversy in judicial practice regarding the validity of contracts involving ultra vires guarantees and the allocation of liability, creating considerable challenges for lawyers and businesses in managing legal risks.
2025-09-29
28
2025-09
In off-plan mortgage transactions, the seamless connection between "pre-mortgage registration" and the developer's "stage-specific guarantee liability" is crucial for balancing the bank's security of credit rights, defining the developer's scope of responsibility, and safeguarding the homebuyer's obligations. In practice, parties often dispute whether the developer's stage-specific guarantee liability is automatically discharged once the pre-mortgage registration has been completed—disagreements on this issue frequently lead to legal disputes. This article will clarify the core logic behind this matter by integrating relevant legal provisions, judicial precedents, and practical insights, while also outlining the specific conditions under which liability may be exempted and identifying effective pathways to protect the rights and interests of all involved parties.
2025-09-28
28
2025-09
Although the importance of international arbitration is widely recognized, extensive empirical studies reveal that Chinese companies still face a range of pervasive, systemic issues during the process of "going global," particularly in the stage of drafting arbitration agreements. These challenges place them at a disadvantage even from the very outset of any potential disputes.
2025-09-28
28
2025-09
On June 20, 2025, the Supreme People's Court designated the case of Guo Mouning's objection lawsuit against Lin Mouxī and the third party, Beijing Yi Mucultural Agency Co., Ltd., seeking to add or change the judgment debtor, as an included case, with case number 2025-08-2-496-001. According to the "Work Procedures for the Construction and Operation of the People's Court Case Database," people's courts at all levels are required to search the People's Court Case Database when hearing cases and should refer to the included cases in making their judgments. The cases selected by the Supreme People's Court for inclusion carry mandatory reference authority. This article aims to analyze and examine the evidentiary responsibilities borne by shareholders of single-member companies after being involved in litigation, based on the reviewed included cases and the Supreme Court's analysis and research on these cases.
2025-09-28
Zhongcheng Qingtai Jinan Region
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