Hong Kong – LAWFUEL – Law Newswire – Rocky Lee, Partner and Head of DLA Piper’s China Venture Capital and Private Equity practice, has been appointed Vice-Chairman of the China Council for International Investment Promotion (“CCIIP”), a government-sponsored body under the purview of the Ministry of Commerce (“MOFCOM”). CCIIP plays a significant role in directing and coordinating the reform of regulatory processes and requirements relating to foreign direct investment (“FDI”) in China.
Mr Fan Zhang, the founding partner of Sequoia Capital China, is the Chairman of CCIIP, while the Vice-Premier of PRC, Ms Wu Yi, serves as the Honorary Chairman.
CCIIP has access to MOFCOM’s senior policy and law makers, and often reviews and comments on draft laws and regulations. Mr Lee was nominated for the position of Vice-Chairman by MOFCOM and approved by members of CCIIP. His appointment gives DLA Piper a unique insight into China’s evolving regulatory environment.
Examples of significant legal issues currently being reviewed by the CCIIP include:
Renminbi fund formation
Foreign investment by venture capital and private equity firms
Overseas listings by Chinese companies on foreign exchanges such as the NASDAQ, London AIM, and Hong Kong Stock Exchange
Foreign investors’ mergers and acquisitions activity and the corresponding approval processes
Mabel Lui, Head of Corporate, China of DLA Piper said: “We believe this level of access and insight into the inner workings of MOFCOM will be of significant value and strategic importance to our clients. Public commentary on draft regulations and laws in the PRC is a carefully controlled process to which only a select few parties are granted access. We are pleased that Mr Lee has been invited to participate in this process as CCIIP’s Vice-Chairman, reinforcing our already strong relationships within the Chinese government and investor community.”
Mr Lee’s appointment follows DLA Piper’s appointment by MOFCOM as one of its “preferred law firms” in January 2008, a designation given to only a dozen firms in total, most of which are domestic Chinese law firms.