China Business Law Journal – May 2024

Strategise for near and far

Like a bombshell dropped onto the legal community, the latest amendments to China’s Company Law were published near the end of last year. Making sweeping changes across corporate governance, capitalisation and legal representation, the new Company Law addresses numerous contentious issues that emerged from legal practice, while raising new questions awaiting both analytical and practical approaches.

Cheng Guangdong, general counsel at Nanshan Group, anticipates a lengthy transitional period ahead. In Embracing change, he dissects the key revisions and introduces changes that have been incorporated into the daily work of his own team in anticipation of the upcoming new chapter.

In addition to the in-house perspective, law firms also gather in the follow-up series, Rapid response, to share their take on the new Company Law. In these articles, partners formulate strategies to approach immediate changes, such as those concerning the capital contribution rules and directors’ liabilities, while also looking far ahead to the long-term impact.

One of the most important duties of in-house counsel, besides advising on the legal aspects of all transactions and business ventures, is to promote best practice on legal, compliance and risk management within their own organisations. Nevertheless, good advice is often harsh to the ears, and many in-house counsel fight an uphill battle to be heard, sometimes unfairly perceived as “naysayers” to business opportunities.

In Pump up the volume, winners of our In-house Counsel Awards 2024 share tips on effective internal communication that helps legal departments break down the barriers and become part of the business, thereby solidifying compliance as an integral part of corporate culture.

And finally, after months of extensive and diligent research, we celebrate the accomplishments of a dazzling collection of Chinese and international law firms, as well as the ardent market recognition they received, by proudly unveiling the winners of the China Business Law Awards 2024.

Similar to previous years, the awards include general categories such as the Golden league, Best international law firms, and Notable achievers, while also recognising law firms that shone particularly brightly in certain practice areas or industry sectors

Long-time readers may notice new or amended categories to reflect the latest changes to the landscape, such as the rapid rise of AI both as part of a lawyer’s toolbox and an industry that invites fiery legal discourse.

Also, an ESG category was added to coincide with the alignment of regulatory frameworks for environmental, social and governance with international standards.

We would like to extend our sincere gratitude to all who participated in our surveys, as well as our heartfelt congratulations to all the winning law firms.