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Reform of Capital Contribution Rules in the 2023 Company Law – What Companies and Shareholders Need to Know
China's Company Law was enacted in 1993 and underwent certain amendments in 1999, 2004, 2005, 2013 and 2018. In response to the latest trends and demands in economic development, China adopted a comprehensive amendment to the Company Law on December 29, 2023 (the "2023 Company Law"), which will take effect on July 1, 2024. The rules concerning capital contribution are of great importance to companies and their shareholders and creditors. This article will focus on the amendments related to the capital contribution rules with respect to limited liability companies in the 2023 Company Law, and will try to provide some insights and practical advice in relation to such amendments.
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First Insights into China's New Corporate Landscape
Barely a week ago on December 29, 2023, China's legislative body passed and President Xi Jinping signed into law the newly revised Company Law, effective from July 1, 2024 (the "New Law"). It makes a big splash to the business community for both the law's as-pillar significance, and the striking degree of revisions (over a quarter of provisions are involved with major changes). The New Law will bring about a broad spectrum of changes comprising shareholder capital contribution, shareholders' rights protection, company capital system, corporate governance, company registration, company financing, etc., which may make even just a spreadsheet of bulletin points run dozens of pages long.
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Anatomy of Licensing Deals from China Regulatory Perspective
Driven by the passion and belief, and fraught with various risks and challenges, the research and development of innovative drugs and medical devices is a journey that's never easy. Along the journey, an individual may stride resolutely, yet with companionship, two can traverse faster and farther. Therefore, pharmaceutical companies have been frequently collaborating in the research and development of drugs and medical devices to leverage each other's resources, share risks, explore regional markets, achieve profit maximization, or promote mutually beneficial effects in strategic partnerships. Meanwhile, licensing transactions are commonly used for the implementation of collaborative projects in the field of drugs and medical devices (including medical aesthetics).
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Han Kun
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