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Results: 1-7 of 7

Further guidance on pre-IPO investments from the Hong Kong Stock Exchange

  • Orrick Herrington & Sutcliffe LLP
  • -
  • Hong Kong
  • -
  • November 14 2012

It is common for financial investors such as private equity funds and hedge funds to invest in unlisted securities of private companies (e.g., through the subscription of convertible debt instruments, preference shares andor warrants) with a view to exit their investments in a future initial public offering (“IPO”) of such companies

2011 review

  • Orrick Herrington & Sutcliffe LLP
  • -
  • China
  • -
  • January 12 2012

The end of 2011 marks the close of a turbulent and active year for Asia's legal and business community

NDRC expands mandatory filing of RMB funds nationwide

  • Orrick Herrington & Sutcliffe LLP
  • -
  • China
  • -
  • December 16 2011

On November 23, 2011, China's National Development and Reform Commission issued the Circular on Promoting the Standardized Development of Equity Investment Enterprises (Fa Gai Ban Cai Jin 2011 No. 2864), which came into effect on the date of issuance

Final rules affecting non-U.S. private fund advisers adopted under the Dodd-Frank Act

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • July 14 2011

On June 22, 2011, the Securities and Exchange Commission (the “SEC”) adopted final rules and rule amendments implementing the provisions of Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) that affect investment advisers regulated under the Investment Advisers Act of 1940 (the “Advisers Act”

Listing of Italian and French companies on the Hong Kong stock exchange

  • Orrick Herrington & Sutcliffe LLP
  • -
  • France, Hong Kong, Italy
  • -
  • April 7 2011

Until late 2006, The Stock Exchange of Hong Kong Limited ("HKSE") would accept listing applications from only companies incorporated in four jurisdictions Hong Kong, the P.R.C., the Cayman Islands and Bermuda

Hong Kong Stock Exchange issues interim guidance on pre-IPO investments

  • Orrick Herrington & Sutcliffe LLP
  • -
  • Hong Kong
  • -
  • October 15 2010

An issuer that pursues an initial public offering (IPO) in the United States (US) would make sure it has carefully considered all of the accounting and tax implications of the issuance of any securities, including stock or options to employees, during at least the 12-month window before the filing of an IPO registration statement at a price that is substantially below the contemplated IPO price (often referred to as "cheap stock"

Long way home - dismantling a red chip structure

  • Orrick Herrington & Sutcliffe LLP
  • -
  • China
  • -
  • September 30 2010

Traditionally, international private equity houses making growth capital investments in Chinese businesses invest in an offshore holding company (often incorporated in the Cayman Islands) holding (often indirectly through other intermediate holding companies in the British Virgin Islands (BVI) and Hong Kong) Chinese subsidiaries (called wholly foreign owned enterprises or WFOE