⿻Data Security Law

Outlines of the Information Security Technology and Data Service Security Requirements (Draft for Comments), a Document of National Standards: Trading on Exchanges, the Prevailing Trend

By Sun Cheng, Gao Shaoyi and Lu Lvjing

On August 2023 the secretariat of the National Information Security Standardization Technical Committee published the Circular on Solicitation of Opinions on the Security Requirements for Information Security Technology and Data Service Providers (Draft for Comments) (“Draft for Comments”)  in order to solicit public opinions on this draft. A comparison between the previous and current versions of the national standards showed important changes below........................More

⿻Company Law

Deadlock over Transfer of Shares in Nanjing Iron & Steel Co., Ltd.: Pass-through Effect of Right of First Refusal 

By Bai Lituan

I believe that in this case, unless the shareholders agree to the pass-through effect of other rights in addition to the legal right of first refusal in the articles of association, the court should not find that the shareholders have the right of first refusal to purchase shares in the intended company and the share transfer structure arrangements and design between the parties involved are illegal.

The case of the right of first refusal to purchase shares in Nanjing Iron & Steel United Co., Ltd. (“NISU”), controlling shareholder of Nanjing Iron & Steel Co., Ltd. (600282, SH), a listed company brought by Shagang Group against Fosun Group and CITIC Group aroused a great deal of public interest since this March. The first hearing of the case was held before Jiangsu High People’s Court on 13 July. The court’s opinions on this kind of business arrangements are eagerly awaited.....................More

⿻ New Laws, Rules and Regulations

1. Civil Proceedings Law of the People’s Republic of China (Revised)/SCNPC

2. Administrative Reconsideration Law of the People's Republic of China (Revised)/SCNPC

3. Foreign State Immunity Law of the People’s Republic of China (Revised)/SCNPC

4. Rules on Implementation of Business Name Registration Regulations/SAMR

5. Anti-monopoly Compliance Guide for Concentration of Undertakings /SAMR

6. Provisional Rules on Administrative Punishment for Off-campus Training and Tutoring/MOE