Uniquely Positioned to Advise the World's Leading Companies
Mayer Browns „COVID-19 Global Response Team“ analysiert und bewertet die weltweite Situation und ist so in der Lage, schnell auf Mandantenanfragen zu reagieren und gleichzeitig eine umfassende und praktische Orientierung bei neuen Fragen zu geben, die sich aus den Auswirkungen des Coronavirus ergeben. Nun hat Mayer Brown das COVID-19 Webportal, einen Blog und das Global Traveler Navigator-Tool gestartet.
On 2 July 2020, the US Congress passed the he Hong Kong Autonomy Act ("HKAA"), providing for mandatory sanctions against individuals, entities and financial institutions in response to China’s National Security Law for Hong Kong. The HKAA is the latest in a series of US measures in response to the ongoing disagreement with China regarding China’s obligation to maintain Hong Kong’s autonomous status under the Joint Declaration and the Basic Law. As further detailed in our recent Alerts1, it follows a number of steps taken by the United States, including:-
- the 27 May 2020 certification by the US Secretary of State under the Hong Kong Human Rights and Democracy Act that Hong Kong no longer enjoys sufficient autonomy in order to justify special treatment by the US,
- the 28 May 2020 announcement by US President Trump that the United States would initiate the process of revoking Hong Kong’s favourable treatment under US law and
- the decision by the Chinese Government to introduce a National Security Law for Hong Kong, which took effect on 30 June 2020.
- Announcements this week by the State Department of visa restrictions on Chinese government officials, and by the Commerce Department of the elimination of exceptions treating Hong Kong more favourably than China for exports of goods and technology to Hong Kong, and China’s threat of visa restrictions against US officials.
The HKAA was passed by unanimous consent, and therefore with veto-proof support, by the Senate and House of Representatives. It has not yet been signed into law by the President but is expected to be enacted into law in the coming few days.
3. Juli2020We have been seeing a marked increase in the number of deals where controlling shareholders of companies listed on The Stock Exchange of Hong Kong Limited (the Exchange) are taking their companies private (i.e., delisting the shares from the Exchange). With stocks of traditional companies trading at what some commentators believe to be historically low price-to-earnings multiples in the first half of 2020, the market had presented opportunity for privatisations. We have taken a look at privatisation offers launched in the past 18 months (the relevant period) and are sharing our observations in this Legal Update.