Capital Markets

Being the first U.S. domestic issuer to have a secondary listing in Hong Kong required navigating difficult SEC and SFC requirements

Yum China has had an eventful year, navigating the impact of the pandemic on its many restaurants and staff in China, as well as a groundbreaking secondary listing in Hong Kong

China failing to protect U.S. companies' IP according to USTR report; French banking giant BNP Paribas applies for securities business; and PRC Futures Law submitted to NPCSC for first reading

The scope of jurisdiction of the Shanghai Financial Court is expanded to include foreign-related cases

CSRC tightens corporate management's information disclosure obligations

Operation of the interbank bond market is improved

HKEX proposes stricter ESG, corporate governance disclosures and standards; PBOC tightens rules surrounding anti-money laundering, terrorist financing efforts by financial institutions; and NDRC furthers Hukou reform with latest directive

SEC unveils amendments to implement law targeting U.S.-listed Chinese companies; China outlines plans to improve workers' protections in platform economy; and NDRC streamlines approvals process for foreign investment in encouraged industries

CSRC redefines major shareholders of securities companies