Fintech and International Financial Regulation

By Yesha Yadav November 19, 2020 by renholding

In the weeks leading up to Ant Financial’s ill-fated IPO, Jack Ma criticized the system of international banking regulation in remarks at the Bund Summit in Shanghai. The Alibaba co-founder contended that the current framework was a poor match for …

Initial Public Offerings Chinese Style

By Yiming Qian, Jay R. Ritter and Xinjian Shao November 18, 2020 by renholding

The forced postponement of Ant Group’s initial public offering (IPO), the largest ever, by the Chinese government is the latest example of the heavy-handed regulatory approach that has made it extremely costly for companies to go public in China. The …

Insider Trading and Geographic Proximity: Evidence from Covid-19

By Erin Henry, George A. Plesko and Caleb Rawson September 1, 2020 by renholding

The COVID-19 pandemic has dramatically changed how businesses operate, resulting in unprecedented stock market effects. While the U.S. stock market has historically shown little to no reaction to an infectious disease outbreak, COVID-19 precipitated a global stock market downturn now …

Could Social Media Give Small Investors Greater Say in Corporate Governance?

By James Ang, Charles Hsu, Di Tang and Chaopeng Wu August 5, 2020 by renholding

In a new paper, we ask whether social media could have a role in corporate governance. Prior to the advent of social media, a small shareholder faced prohibitive costs to reach other investors. For example, she would have had to …

Lessons from Luckin Coffee: The Underappreciated Risks of Variable Interest Entities

By Jonathan Barnett July 28, 2020 by renholding

On April 2, China’s Luckin Coffee announced that some of its employees, including the chief operating officer, had fabricated over $300 million in reported revenues. On April 21, the Securities and Exchange Commission and the U.S. Public Company Accounting Oversight …

Do Corporations Worldwide Still Prefer Delaware?

By William J. Moon June 23, 2020 by renholding

Hardly a day goes by without a headline about the brewing tension between the United States and China. But even as the Trump administration mulled de-listing Chinese firms traded in American securities markets, and Nasdaq reportedly planned to tighten its …

Debevoise & Plimpton Discusses Impact of Coronavirus on Foreign Investment in China

By William Y. Chua, Gareth Hughes, Edwin Northover, Philip Rohlik and Tingting Wu April 2, 2020 by renholding

On March 11, 2020, the Chinese government announced that the novel coronavirus epidemic had peaked within the country, with the number of new cases falling significantly. By March 16, for the first time since the coronavirus was first identified last …

Financial Regulators Warn Over Chinese Audit Quality Amid Coronavirus Outbreak

By Jay Clayton, Bill Hinman, Sagar Teotia and William D. Duhnke III February 20, 2020 by renholding

In November 2019, we met with senior representatives of the four largest U.S. audit firms, including certain of their network representatives, to discuss audit quality across their global networks and certain of the challenges faced in auditing public companies with

…

Davis Polk Reviews China Antitrust in 2019

By Arthur Burke, Howard Shelanski, Ronan Harty, Miranda So and Howard Zhang February 10, 2020 by renholding

Last year marked the eleventh anniversary of China’s Anti-Monopoly Law (the “AML”). In 2019, China announced the first-ever set of proposed amendments to the AML as well as the introduction of several new regulations aimed at more transparency …

Paul Weiss Discusses D.C. Circuit Decision Ordering Chinese Banks to Produce Documents

By Brad S. Karp, Michael E. Gertzman, H. Christopher Boehning, Roberto J. Gonzalez and Karen R. King August 23, 2019 by renholding

On July 30, 2019, the U.S. Court of Appeals for the District of Columbia affirmed civil contempt orders by the D.C. District Court against three Chinese banks for their failure to produce documents in response to U.S. government subpoenas relating …

Cadwalader Discusses CFIUS and Foreign Investor Deals

By Joseph Moreno, Jodi Avergun, Andrew Alin, Joshua Apfelroth, and Keith Gerver August 8, 2019 by renholding

The national security implications of corporate deals involving foreign investors continues to be a headline-grabbing topic. Last summer, President Trump signed into law the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”), which expanded the types of …

Cleary Gottlieb Discusses CFIUS and the Unwinding of Kunlun’s Acquisition of Grindr

By Paul Marquardt, John P. McGill, Jr. and Chinyelu Lee April 17, 2019 by renholding

On March 27, 2019, journalists affiliated with Reuters reported that the Kunlun Group (“Kunlun”), a China-based tech firm, was preparing to sell its wholly owned subsidiary, Grindr, after the Committee on Foreign Investment in the United States (“CFIUS”) informed the …

Debevoise Discusses China’s New Foreign Investment Law

By William Y. Chua, Edwin Northover, Allison Lee, Fengjian Ao and Tingting Wu April 10, 2019 by abirvarma

On March 15, 2019, China’s top legislature, the National People’s Congress, passed the long-anticipated new Foreign Investment Law (the “FIL”). Promulgation of this legislation is widely held to have been accelerated in response to changes in China’s economic conditions, in …

ISS Discusses Corporate Governance in Emerging Markets

By Kosmas Papadopoulos February 28, 2019 by renholding

Analyzing corporate governance at companies in emerging markets can be really tough. A combination of differing regulatory standards, disclosure requirements, market norms, local investor preferences, and more all collude to make the evaluation of governance structures difficult. Giving credit where …

The Rise of Asian Equity Markets and the International Corporate Governance Dialogue

By Mats Isaksson December 11, 2018 by renholding

While there is a growing debate in the United States about a shift from public equity markets to private ownership models, Asian stock exchanges are steaming ahead. Last year a record 1,074 companies got listed in the region, and 43 …

The Role of Artificial Intelligence and Machine Learning in Risk Management

By Saqib Aziz and Michael Dowling August 10, 2018 by renholding

Lending in China is a risky proposition. When a U.S. bank needs to decide whether to approve a loan to a U.S. customer, it simply accesses the customer’s credit report, which is often the deciding factor. The bank can thus …

Skadden Discusses Latest Legislation to Expand Foreign Investment Review

By Pascal Bine, Michael E. Leiter, Ivan A. Schlager, Donald L. Vieira, Jonathan M. Gafni and Michelle A. Weinbaum July 9, 2018 by renholding

In large part as a response to China’s national industrial goals and subsequent Chinese acquisitions of U.S. and European companies that are technology leaders in key industries, the U.S. government and a number of European governments are seeking to expand …

Kirkland & Ellis Discusses CFIUS Reform

By Mario Mancuso, Sanjay Mullick, H. Boyd Greene IV and Lucille Hague June 14, 2018 by renholding

On May 22, 2018, the Senate Committee on Banking, Housing, and Urban Affairs held a hearing to mark up its draft proposed amendment to the Foreign Investment Risk Review Modernization Act (“FIRRMA”). Initially introduced on November 6, 2017, with strong …

The Rise of U.S.-Listed VIEs from China: Balancing State Control and Access to Foreign Capital

By Justin J. Hopkins, Mark H. Lang and Jianxin (Donny) Zhao March 6, 2018 by renholding

We investigate Chinese firms’ use of variable interest entities (VIEs) to evade Chinese regulation on foreign ownership and list in the U.S. We find that the use of VIEs for such ends is widespread, growing, and associated with valuation discounts …

Following the Corporate Governance Canon Pays Off for Chinese Companies

By Say Hak Goo and Bryane Michael February 19, 2018 by renholding

Over the years, a consensus on the best corporate governance practices has emerged. The OECD Guidelines of Corporate Governance epitomize a canon of such practices, including things like having non-executive shareholders on boards, having an audit committee, and following special …

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