研讨会吸引了众多生命科学行业企业代表及投资机构人士线上参与，嘉宾与参会者围绕实务问题展开积 极互动，交流气氛热烈，获得与会各方一致好评。 安永[1]生命科学与医疗健康行业亚太及大中华区税务主管合伙人苏学敏(Joanne Su)开场分享近年来对生 命科学行业出海的观察。 苏学敏(Joanne Su) 安永[1]生命科学与医疗健康行业亚太及大中华区税务主管合伙人 近期Biotech企业在BD领域呈现了大型交易，展现出国内Biotech领域快速发展的势态，国内Biotech企业 在推动全球创新方面正发挥着越来越关键的作用。Biotech企业通过对外授权许可(license-out)、设立海 外运营实体或合资企业(New Co)等方式拓展全球市场，涉及跨境IP安排、研发活动布局与利润分配、转 让定价和经济实质等复杂的税务议题，尤其在全球税收规则重塑的背景下，OECD主导的支柱二GloBE 不仅影响企业跨境利润分配，更直接关联其全球投资与运营的战略决策。 安永[1]国际及并购重组税务服务转让定价合伙人邓婷分享了当前中国生命科学企业就BD的税收规划机 会。 当下中国生命科学产业创新力量正崭露头角，出海浪潮奔涌；生物技术( ...

展望2026年中国金融改革开放，安永中国金融改革工作组主管江海峰建议：一是应进一步推动规则、规 制、管理、标准等制度型开放，实现从"准入"到"准营"的深层次转变；二是稳慎扎实推进人民币国际 化，巩固高水平开放的货币支撑；三是坚持"引进来"与"走出去"并重，构建双向循环的国际化金融服务 网络；四是统筹开放与安全，筑牢跨境风险防控体系。 《报告》：我国资本市场制度型双向开放稳步推进，人民币国际化进程显著深化 （编辑：杨井鑫 审核：朱紫云 校对：颜京宁） 中经记者 郝亚娟 夏欣 上海、北京报道 2月2日，安永发布《中国金融改革开放2025年度报告》（以下简称"《报告》"）。 《报告》指出，2025年以来，我国资本市场制度型双向开放稳步推进。2025年香港新股融资额位居全球 第一，境内外市场互联互通活跃度大幅提升，沪股通、深股通日均成交额同比显著增长，这背后是中长 期资金入市制度改革的持续发力。债券市场开放进入交易更活跃、工具更完善的新阶段，提升了境外投 资者风险管理能力，推动其进行长期配置。人民币国际化进程显著深化，在跨境贸易结算、投融资与官 方储备等领域取得系列进展。数字人民币的稳健发展及其在跨境支付场景中的创新 ...

新华财经上海2月2日电（记者王淑娟）安永2月2日发布的《中国金融改革开放2025年度报告》显示， 2025年，中国金融改革与对外开放"步稳蹄疾"，并且取得了一系列显著成果，为全球经济增长和金融市 场繁荣注入了新的活力。安永（中国）企业咨询有限公司大中华区金融服务华中市场主管合伙人吴俊表 示，站在金融强国建设的历史节点上，中国金融改革开放迈入了系统性深化、制度型开放全面提速的新 阶段。2025年，中国金融改革对外开放在市场建设、行业发展、机构引进、业务拓展方面均取得了丰硕 的成果。同时，与时俱进的监管改革及因地制宜的区域政策，也为外资机构在华投资和业务拓展创造了 更加开放和有利的环境。 安永大中华区金融服务银行业及资本市场主管合伙人顾珺表示，在全球经济变局下，2025年中国市场保 持了活力充沛和潜力释放，发展环境的确定性和稳定性优势鲜明。制度型开放走深走实，增强资本市场 吸引力和包容度，外资银行和外资券商深度参与了金融业务试点和前沿领域；跨境金融蓬勃发展，市场 互联互通持续升级；金融产品和服务进一步多元扩容，资源配置效率和服务实体经济的质效同步提升； 中外资机构优势互补、良性竞合，开放型经济增长动能为行业高质量 ...

Core Insights - The implementation of R&D tax incentives is characterized by a balance between "policy incentives" and "strict regulation" [2] - Companies need to proactively manage compliance risks related to R&D expenditures to effectively enjoy tax benefits while controlling tax compliance risks [2] Group 1: Regulatory Trends and Compliance Strategies - The tax authorities are enhancing their regulatory mechanisms for R&D expense deductions, focusing on cross-departmental collaboration and standardization [2] - Ernst & Young (China) will hold a seminar to discuss the latest regulatory trends and compliance strategies regarding R&D tax incentives [2] - The seminar aims to help companies understand regulatory dynamics and share practical tax cases to ensure they can legally maximize tax benefits [2] Group 2: Seminar Details - The seminar will take place in five cities: Shenyang, Tianjin, Zhengzhou, Jinan, and Qingdao, with additional sessions planned in other major cities [2] - Specific dates and times for the seminars are as follows: - Shenyang: January 19, 2026, from 14:00 to 16:00 [3] - Tianjin: January 22, 2026, from 14:00 to 16:00 [3] - Zhengzhou: January 28, 2026, from 14:00 to 16:00 [3] - Jinan: January 29, 2026, from 14:00 to 16:00 [3] - Qingdao: January 30, 2026, from 14:00 to 16:00 [3] Group 3: Contact Information - Contact persons for each seminar location are provided for further inquiries: - Shenyang: Aileen Yu, Aileen.Yu@cn.ey.com [4] - Tianjin: Mark H Yu, Hao.Yu@cn.ey.com [4] - Zhengzhou: Cruise Tang, Cruise.Tang@cn.ey.com [4] - Jinan: Angelina L Li, Angelina.L.Li@cn.ey.com [4] - Qingdao: Wenko L Li, Wenko.L.Li@cn.ey.com [4]

Core Insights - The event focused on overseas investment, foreign-related legal compliance, and operational strategies for Zhejiang enterprises, attracting over 80 companies engaged in or planning to engage in foreign investment [2] Group 1: Event Overview - The Zhejiang Provincial Department of Commerce hosted an event on overseas investment legal compliance and successful investment case exchanges in Hangzhou [2] - The event aimed to assist enterprises in exploring legal compliance paths for overseas investments to promote high-quality development [2] Group 2: Tax Compliance Insights - Huo Jieqiong from Ernst & Young delivered a keynote on "Tax Compliance for Overseas Investment," emphasizing the importance of tax and financial compliance in the "going out" process [3] - Key considerations for enterprises include local accounting standards, special qualifications for financial personnel, and tax implications during acquisition, restructuring, and exit phases [3] Group 3: Risk Management Strategies - Huo highlighted the need for enterprises to identify and manage potential trade compliance risks from multiple perspectives, including customs, transfer pricing, and international taxation [3] - Three core areas for compliance management were suggested: product classification, origin compliance, and customs valuation [3] Group 4: Ernst & Young's Role - Ernst & Young's China Overseas Investment Business Department provides comprehensive services for Chinese enterprises' international development, having served over 3,800 clients in the past three years [5] - The firm aims to support the globalization of Chinese enterprises through a full-service approach from pre-investment planning to post-transaction management [5]

Core Insights - The article discusses the upcoming "Compliance as a Foundation, Gathering Momentum" roadshow by Ernst & Young (EY) focusing on updates regarding personal income tax, social insurance, and visa policies in China for 2025 [2][3] - The event aims to address the increasing frequency of international talent and capital flow, alongside the tightening of regulatory measures by various countries [2] - Companies are encouraged to identify compliance risks associated with different personnel groups, especially those previously overlooked, and to develop targeted strategies ahead of the new tax settlement period [2][3] Regulatory Updates - The roadshow will cover updates on regulations and local policies, including stock incentives, employee benefits, and tax exemptions for foreign employees [3][4] - It will analyze challenges related to the determination of tax residency for unconventional tax residents in China and the implications of the Common Reporting Standard (CRS) on tax settlements [3][4] - The event will also discuss the complexities of tax residency determination and the compliance challenges faced by local transfer employees and frequent travelers during tax settlements [4] Event Details - The roadshow will take place in multiple cities including Beijing, Shanghai, Guangzhou, and Shenzhen, with specific dates and times outlined for each location [5] - The sessions will be conducted in Mandarin for mainland cities and in Cantonese and English for the Hong Kong session [3][5] - Participants are encouraged to register for the event through the provided link for further details [6]

Group 1 - The Hong Kong capital market is experiencing a strong recovery, with 108 IPOs completed in 2025, raising approximately HKD 277.1 billion, a year-on-year increase of over 216%, making it the largest IPO market globally [1][2] - Ernst & Young (EY) successfully supported 39 companies in their IPOs on the Hong Kong Stock Exchange, maintaining a leading market share in IPO audit services [1][2] - The market is seeing increased participation from mainland investors, with a shift towards a more mature and efficient ecosystem, where listing is viewed as a strategic move for governance upgrade and global expansion [2][3] Group 2 - Various forums have been organized in cities like Suzhou, Chengdu, Ningbo, Hefei, and Wuhan to provide support for companies preparing for IPOs, focusing on compliance, financial readiness, and strategic insights [3][11][17][23][28] - Key discussions at these forums included the importance of financial models, legal compliance, and the need for a robust governance structure to ensure long-term success post-IPO [5][7][9][12][16] - The forums emphasized the necessity for companies to proactively build compliance capabilities and address potential issues early in the IPO process [3][11][23][25][34] Group 3 - The 2025 IPO market is characterized by structural differentiation, where companies with core technological advantages can achieve reasonable valuations despite short-term losses [11][30] - The focus on sustainable growth and the ability to tell a compelling business story is becoming increasingly important for attracting investor interest [5][30] - The upcoming year 2026 is anticipated to be a turning point for the Hong Kong market, with expectations of deeper institutional reforms and a return to value-based investing [36][37]

Core Viewpoint - The establishment of the Hainan Free Trade Port marks a significant transformation for Hainan, enhancing its role in China's high-level opening-up strategy and creating a new global link for trade and investment [7][8]. Group 1: Policy Implementation - The Hainan Free Trade Port will officially start its full island closure operation on December 18, which is a crucial step in establishing a policy system for the free trade port [7]. - The policy framework includes "one line" for open access to international markets, "two lines" for controlled access to the mainland, and "island freedom" for internal circulation [9]. - The initial establishment of the policy system aims for a focus on trade and investment facilitation, with a target to mature by 2035 [8]. Group 2: Economic Impact - The zero-tariff policy is a key feature of the Hainan Free Trade Port, expanding the range of zero-tariff goods from 1,900 to approximately 6,600 items, covering about 74% of all goods [10]. - The processing time for importing seafood has been significantly reduced from three days to two hours, enhancing profit margins for businesses [7]. - The new personal income tax policy in Hainan offers lower rates compared to the mainland, making it an attractive destination for talent [11][12]. Group 3: Business Opportunities - Companies like Zhengda (Hainan) Xinglong Coffee are already benefiting from the zero-tariff policy, with a projected 20% profit increase from exporting coffee to Australia [8]. - The free trade port is expected to serve as a "converter" between the Chinese mainland and global markets, testing high-standard international trade rules [12]. - The enhanced duty-free shopping experience in Hainan is attracting consumers, with significant discounts on luxury goods compared to mainland prices [7].

Core Viewpoint - The conference focused on transforming the food supply chain towards an "eco-friendly and value-sharing" model, emphasizing the importance of sustainable practices in the food industry to contribute to global forest protection efforts [3][21]. Group 1: Conference Overview - The event was co-hosted by the China Federation of Logistics and Purchasing Food Supply Chain Branch and WWF Beijing, gathering over 20 representatives from various food supply chain enterprises and ESG experts [4][21]. - Keynote speeches were delivered by industry leaders, highlighting the collaborative efforts in promoting a forest-friendly food supply chain initiative [7][8]. Group 2: Initiatives and Progress - The food supply chain initiative has made significant strides in sustainable practices, with a focus on key products like soybeans, meat, and palm oil, aiming for deforestation-free goals [8][22]. - The initiative has established a standardized toolkit to assist companies in transitioning towards sustainability, enhancing consumer awareness and participation [7][21]. Group 3: Expert Insights - Experts discussed the necessity of a standardized system and professional resources for the successful implementation of forest-friendly supply chains, emphasizing the importance of third-party verification for traceability [11][18]. - The role of green finance was highlighted as a crucial factor in supporting companies' transitions, providing actionable guidelines for linking businesses with green financial resources [13][20]. Group 4: Case Studies and Future Trends - Shandong Xinhe Shengxiang Food Group showcased its unique potential in green supply chain transformation, implementing measures to ensure deforestation-free sourcing and promoting the forest-friendly concept among suppliers [16][21]. - Discussions on future trends emphasized the need for compliance with ESG regulations and the growing market demand for sustainable products, which can enhance companies' competitive edge [20][21].

Core Insights - The article highlights the importance of overseas listings for companies in Xiamen, emphasizing it as a crucial path for expanding financing channels and enhancing brand value [1][9] - Ernst & Young (EY) participated in a practical training session focused on overseas listings, sharing insights on the listing rules and capital market dynamics in the U.S. and Hong Kong [1][4] Group 1: Event Overview - The training event was organized by the Finance Bureau of Jimei District, Xiamen, and aimed to assist local companies in understanding the latest trends in overseas listings [1] - Over 40 representatives from potential listed companies and key projects in Jimei District attended the training to discuss leveraging overseas capital markets for high-quality development [9] Group 2: Expert Contributions - EY partners provided detailed analyses of the IPO mechanisms and processes in the Hong Kong market, focusing on financial preparations for companies [1][4] - Insights were also shared regarding the U.S. capital market, including regulations, financial standards, and disclosure requirements, to help companies plan their U.S. listing strategies [4][6] - Tax considerations and the establishment of compliant information systems were discussed to assist companies in managing tax risks during the overseas listing process [6]