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Red-chip enterprises’ overseas listing: Securities regulation and conflict of laws

Written by Jingru Wang, Wuhan University Institute of International Law

1.Background

Three days after its low-key listing in the US on 30 June 2021, Didi Chuxing (hereinafter “Didi”) was investigated by the Cyberspace Administration of China (hereinafter “CAC”) based on the Chinese National Security Law and Measures for Cybersecurity Review.[1] Didi Chuxing as well as 25 Didi-related APPs were then banned for seriously violating laws around collecting and using personal information,[2] leading to the plummet of Didi’s share. On 16 July 2021, the CAC, along with other six government authorities, began an on-site cybersecurity inspection of Didi.[3] The CAC swiftly issued the draft rules of Measures for Cybersecurity Review and opened for public consultation.[4] It proposed that any company with data of more than one million users must seek the Office of Cybersecurity Review’s approval before listing its shares overseas. It also proposed companies must submit IPO materials to the Office of Cybersecurity Review for review ahead of listing.

It is a touchy subject. Didi Chuxing is a Beijing-based vehicle for hire company. Its core business bases on the accumulation of mass data which include personal and traffic information. The accumulated data not only forms Didi’s unique advantage but also is the focus of supervision. The real concern lays in the possible disclosure of relevant operational and financial information at the request of US securities laws and regulations, which may cause data leakage and threaten national security. Therefore, China is much alert to information-based companies trying to list overseas.

RIDOC 2021: Call for Applications

University of Rijeka, Faculty of Law is announcing this year’s call for applications to the Rijeka Doctoral Conference: RIDOC 2021. Open to any legal or related topic od doctoral research, the conference traditionally hosts at least one session in private international law. Applications should be sent to ridoc@pravri.hr before the end of August. The conference is planned to take place on 10 December 2021 in the hybrid format, while the abstracts will be published in an e-book.

The Latest Development on Anti-suit Injunction Wielded by Chinese Courts to Restrain Foreign Parallel Proceedings

(This post is provided by Zeyu Huang, who is an associate attorney of Hui Zhong Law Firm based in Shenzhen. Mr. Huang obtained his LLB degree from the Remin University of China Law School. He is also a PhD candidate & LLM at the Faculty of Law in University of Macau. The author may be contacted at the e-mail address: huangzeyu@huizhonglaw.com)

News

The First Postgraduate Law Conference of the Centre for Private International Law- University of Aberdeen

The Centre for Private International Law (CPIL) of the University of Aberdeen is pleased to host its first postgraduate conference, which is to be held on 17 November 2021. The Postgraduate Law Conference aims at bringing together early career scholars working in the private international law field or at the intersection of European Union law and Private International Law. The purpose is for scholars to present their research before esteemed peers with relevant expertise and receive valuable feedback for further development from academic experts.

The Conference will include panels on Private International Law aspects of International Family Law, International Commercial Law and ADR as well as European Union Law and will be complete with the unrivalled expertise of the Members and Associate Members of the CPIL and external scholars. For a full list of the participating scholars and to download the Call for Papers form, please click here. The deadline for the Call for Papers is 31 August 2021.

HCCH|Approach Initiative – Celebrating the 25th Anniversary of the 1996 Child Protection Convention

To celebrate the 25th anniversary of the HCCH 1996 Child Protection Convention, the HCCH is pleased to announce the launch of the Advancing and Promoting the Protection of All Children (Approach) Initiative!

The HCCH|Approach Initiative will consist of a series of activities and events culminating in the HCCH|Approach Event, to be held online on Tuesday 19 October 2021. Information on registration and the programme of the HCCH|Approach Event will be made available in due course.

Leading up to the HCCH|Approach Event, the Permanent Bureau of the HCCH is organising two competitions: the HCCH|Approach Essay Competition, and the HCCH|Approach Media and Design Competition. Entries can be submitted up until Friday 1 October 2021, 5.00 p.m. (CEST).

Just published: Mexican Journal of Private International Law No 45 – Celebrating its 25th Anniversary

The Mexican Academy of Private International and Comparative Law (AMEDIP) has just published the 25th Anniversary Issue of the Mexican Journal of Private International Law.  It is available here.

One of the main aims of this journal is to publish the papers presented at AMEDIP’s annual seminars, which must comply with the requirements set out in the convocations and are peer-reviewed. Click here to access the Journal page.

Below is the table of contents of the 25th Anniversary Issue (in Spanish):

DOCTRINA

– Pros  y  contras  del  Convenio  de  la  Haya  de  1996,  sobre  la competencia, la ley aplicable, el reconocimiento, la ejecución y cooperación en materia de responsabilidad parental y de medidas de protección de los niños / María Virginia Aguilar