文 /旋风 12月10日，福建证监局 公布《关于对国浩律师（上海）事务所采取出具警示函措施的决定》。 经查， 国浩律所（上海） 对慧翰微电子股份有限公司（301600）首次公开发行股票并上市项目提供证券法律 服务过程中，存在以下问题：一、内部风险控制制度执行不到位。内核程序执行不到位。二、核查验证 程序不规范。一是现场查验笔录未经被调查的自然人或者单位负责人签名，部分笔录律师未签名。二是 部分网络查询未制作查询笔录。三是未就部分回函不一致事项采取进一步核查措施。四是对发行人是否 存在对外重大担保、金额较大其他应付款及部分董事、监事、高级管理人员等自然人有关资格或一定期 限内职业经历的查验不到位。三、工作底稿制作不规范。一是未保存部分函证客户、供应商邮件回执， 部分工作底稿无落款日期，大部分工作底稿未注明来源。二是未标明目录索引和页码，大部分工作底稿 无经办律师签名、未加盖律师事务所公章。 | 索 引 号 | bm56000001/2025-00014285 | ਜੋ 崇 | 行政监管措施;证券服务机构监管 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2025年1 ...

Core Viewpoint - Russia's unique market position and resource advantages make it a significant destination for outbound enterprises, but strict regulations on business fragmentation pose serious compliance challenges for these companies [2] Group 1: Definition and Regulatory Logic of Business Fragmentation - Business fragmentation in Russia refers to the act of splitting a single business entity into multiple legal entities to gain improper tax benefits, which is closely monitored by tax authorities [3] - The core regulatory logic focuses on identifying the commercial rationale behind fragmentation; if the split lacks genuine business needs and is solely for tax avoidance, it will be deemed illegal [3] Group 2: Key Indicators for Tax Authority Recognition of Business Fragmentation - Enterprises should be aware of 18 key indicators that may trigger tax audits, including: - Multiple entities under special tax regimes with closely aligned operational metrics [4] - High interrelation of business activities among entities pointing to a single operational goal [4] - Shared resources and personnel across entities, indicating a lack of operational independence [4] - Financial and establishment patterns that suggest a lack of genuine business purpose [4] Group 3: Legal and Tax Responsibilities of Business Fragmentation - If deemed illegal, enterprises face comprehensive accountability, including: - Administrative penalties where tax authorities may consolidate revenues of fragmented entities and recalculate taxes owed [5] - Bankruptcy proceedings if the enterprise cannot settle tax debts, with participants in the fragmentation scheme facing joint liability [6] - Criminal liability for responsible individuals if tax debts exceed 15 million rubles [7] Group 4: Successful Legal Defenses in Business Fragmentation Cases - Not all business splits are illegal; several enterprises have successfully defended their fragmentation by demonstrating: - Business independence among entities with no significant overlap in operations [8] - Reasonable functional division aimed at maintaining market competitiveness [8] - Operational independence despite shared accounting services [8] - Compliance with market needs through appropriate business adaptations [8] Group 5: Circumstances to Mitigate Liability - Enterprises may apply for reduced penalties if they demonstrate: - Serious financial difficulties while actively contributing to public welfare [9] - Proactive tax compliance during audits by settling all owed taxes and penalties [9] Group 6: Compliance Recommendations for Enterprises Operating in Russia - Conduct preemptive compliance assessments with local legal and tax experts to ensure business fragmentation has a legitimate commercial basis [10] - Maintain comprehensive evidence of business independence and functional necessity for each entity [11] - Establish a risk monitoring mechanism to regularly review compliance with tax authority indicators [12] - Prepare crisis response strategies based on successful legal defenses to mitigate potential liabilities [13]

Core Insights - The article discusses the successful completion of the Huatai Chuangxing CEO Global Acceleration Camp, focusing on capital operation modules aimed at helping small and medium enterprises transition from rapid growth to high-quality development [1][28]. Group 1: Capital Operation and Financing - The current entrepreneurial landscape necessitates that SMEs overcome challenges related to financing to build resilience for long-term growth [3]. - Effective financing requires understanding the preferences of investment institutions and ensuring value alignment rather than merely selling a story [4]. - Entrepreneurs must demonstrate verifiable product-market fit and clear growth paths to attract investment, as market logic emphasizes the importance of financial discipline and operational consistency [6][13]. Group 2: Mergers and Acquisitions - Mergers and acquisitions are crucial for enterprise expansion and resource integration, with a focus on strategic negotiation and understanding the multifaceted nature of transactions [9]. - Successful negotiation involves a comprehensive approach that goes beyond price, emphasizing strategic thinking and the balance of various factors [9]. Group 3: Legal and Financial Considerations - Legal challenges in financing, such as equity arrangements and risk points in investment agreements, are critical for entrepreneurs to understand [11]. - Financial preparation is essential for companies seeking to go public, particularly in ensuring transparency and compliance with regulatory standards [17]. Group 4: Community and Networking - The acceleration camp fosters a supportive community where entrepreneurs can share experiences and challenges, enhancing collaboration and trust among participants [21][25]. - Participants highlighted the value of learning from peers at similar stages of development, which aids in navigating common challenges and avoiding pitfalls [26][27]. Group 5: Future Outlook - The program aims to continue supporting entrepreneurs in adapting to changing market conditions and technological advancements, with ongoing recruitment for the next cohort [29].

文/梧桐小编 12月5日，安徽证监局公布了对华泰联合证券、刘伟、于兆祥采取出具警示函措施的决定，对国元证券、杨少杰、刘民昊采取出具警示函措施的决定，对安徽天禾 律师事务所、洪雅娴、李洋、朱乐乐采取出具警示函措施的决定。 经查，华泰联合证券、国元证券作为2025年度安徽富煌钢构股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易项目的财务顾问，在接受委托 出具财务顾问专业意见过程中，未对标的公司合肥中科君达视界技术股份有限公司（以下简称"中科视界"）收入确认跨期问题保持充分的职业审慎、未充分核查 中科视界与部分经销类客户的交易实质，导致制作、出具的独立财务顾问报告存在不实记载。刘伟、于兆祥作为华泰联合证券项目主办人，杨少杰、刘民昊作为 国元证券项目主办人，对以上违规行为负有主要责任。安徽证监局决定对华泰联合证券及两名项目主办人、国元证券及两名项目主办人采取出具警示函的行政监 管措施，并记入证券期货市场诚信档案。 经查，安徽天禾律师事务所在为某股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易项目提供证券法律业务过程中存在以下问题：一是对标 的公司股权核查验证不充分，在未获取到相关个人流水的 ...

文/飞云 随着12月3日中国铀业（001280）在深主板上市，2025年A股合计新上市公司100家，已达到2024年上市公司总数。其中沪市主板22家、科创板 12家、深市主板12家、创业板30家、北交所24家。 一、各省份A股新上市公司数量排名 从省份分布来看，这100家上市公司注册地分布在19个省份（直辖市/自治区），数量排名前五的省份（直辖市）分别为：江苏（25家）、广东 （19家）、浙江（14家）、上海（6家）、安徽（5家）、北京（5家）、山东（5家）。具体如下表： | 排名 | 省份(直辖市/自治区) | A股上市公司数量 | | --- | --- | --- | | 1 | 江苏 | 25 | | 2 | 广东 | 19 | | 3 | 浙江 | 14 | | 4 | 上海 | 6 | | 5 | 安徽 | 5 / | | 5 | 北京 DU | 5 C | | 5 | 山东 | ഗ | | 8 | 湖北 | 4 | | g | 江西 | 3 | | 9 | 福建 | 3 | | 11 | 三国 | 2 | | 11 | 黑龙江 | 2 | | 13 | 内蒙古 | 1 | | 13 | 吉林 L ...

Core Insights - The conference focused on the latest developments in sanctions and export controls, emphasizing compliance for companies operating internationally [1][2] - Key speakers included representatives from various institutions and companies, discussing the implications of regulatory changes on international trade [2] Group 1: Conference Overview - The event was organized by the Beijing Foreign Studies University International Business School and other supporting organizations, highlighting the importance of compliance in the context of global competitiveness [1] - Over 100 guests from research institutions, industry representatives, and legal professionals attended the conference, indicating a strong interest in the subject matter [1] Group 2: Key Presentations - Liu Xinyu, a partner at King & Wood Mallesons, presented on the latest dynamics of sanctions and related laws from major countries [2] - Guo Huan discussed the international landscape and risk management strategies for companies going abroad, providing insights into the current state of export controls and tariffs [2] Group 3: Research Center's Mission - The Multinational Sanctions and Export Control Research Center aims to explore theoretical and practical issues related to cross-border regulation, contributing to legislative and industry developments [3] - Since its establishment in late 2020, the center has gained recognition for its research and practical work in the field of export controls and sanctions [3]

在人工智能浪潮席卷各行各业的当下，法律行业正迎来深刻变革。近日，广东方效律师事务所走进广东金融学院、广东工业大学，围绕"AI发展对律师行业 的影响及就业方向"举办系列专题讲座，与法学院学子展开深度交流，共同探讨法律职业的未来路径。 行业趋势研判：AI加速渗透法律实务各环节 活动现场，广东方效律师事务所主任陈俊以多年执业经验为基础，系统阐释了法律行业正在经历的结构性转型。他重点剖析了AI技术在法律文书撰写、案 例检索、风险评估等关键环节的落地应用，指出数字化与智能化已成为法律服务升级的明确方向，法律职业能力体系正从单一专业型向"技术+法律"复合型 转变。 方效AI法律咨询助手已入驻穗i企 回应青年关切：从理论学习走向实务认知 针对法科学子普遍关注的职业成长议题，陈俊为不同年级学生提出了分阶段、有针对性的发展建议。 他提醒同学们，优秀的律师不仅应熟稔法律条文，更要培养与人沟通、处理复杂情境的综合素养。"法律不仅是文本，更是解决问题的艺术。协商是化解矛 盾的首选，而诉讼是最后一道防线。"他如是说。 直面AI挑战：厘清技术边界，重塑职业能力 广东方效律师事务所主任陈俊 值得关注的是，广东方效律师事务所近年来持续加大技 ...

来源：市场资讯 （来源：金诚同达） 近日，金诚同达香港分所代表万威国际有限公司（股票代码：167.HK，以下简称"万威国际"）参与了 强制性无条件现金要约项目。此次交易由金诚同达合伙人陈坤负责，万威国际的联合交易公告已于11月 17日在香港联交所正式披露。 金诚同达是并购与重组领域处于业内领先地位的律师事务所，曾代表众多国内和跨境并购交易。金诚同 达曾代表大型国有企业、跨国公司、上市公司完成诸多"一带一路"重点项目，其中包括大型跨国企业、 国有企业和上市公司的重组、跨境收购和海外投资项目。 合 伙 人 简 介 ...

此外，南京智服商务经理李总分享了一站式数字化人力资源服务，可帮助企业解决劳动纠纷、优化社保缴纳，同时带来副业项目——澳洲进口奶粉与浦口 基地种植的全营养生态米，后者含β-葡聚糖，适合高血糖人群；江苏盾领律所郭院长作为律师与南师大经济法教授，为会员提供法律疑难咨询，尤其擅长 人脉对接；涤尘茶社宋总带来茶叶批发与定制业务，拥有武夷山、江西共2.8万亩茶园，可为会员提供高性价比茶叶礼品与酒店茶服务合作；APDAO生态 运营官丁总则聚焦数字金融与旅游板块，分享了新媒体运营与AI数字人直播经验，可助力企业线上获客。 活动伊始，五百颗小心心创始人杨浩率先发言，再次明确分组的核心意义。他强调，无论是小组架构搭建还是活动组织，都始终以 "高效精准" 为基本原 则，最终目标是实现会员间的资源 "内循环"，让每一次交流都能落地到实际业务对接，帮助会员企业解决实际需求。 作为本场活动的牵头人，林总首先对到场会员表示欢迎，随后结合自身负责的买卖提消费补贴平台，为有兴趣的会员现场指导商家开通流程。他用通俗的 案例讲解平台优势：消费者消费1000元可获500元消费券奖励，商家虽需让利 20%，但通过平台返还最终能实现利润增长30%，同时 ...

Core Concept - The article discusses the process and key points for establishing a red-chip structure for companies seeking to list on NASDAQ, emphasizing the need to transfer domestic operational rights to an offshore holding platform while complying with both Chinese and U.S. regulations [2][10]. Group 1: Basic Concepts and Types - Red-chip structure refers to domestic companies setting up holding companies in offshore locations (typically Cayman Islands or BVI) to list on foreign exchanges [2]. - There are two types of structures based on the control of domestic rights: pure red-chip structure and VIE (Variable Interest Entity) structure [4]. Group 2: NASDAQ IPO Red-chip Structure Setup Process - Initial preparation involves defining goals and conducting due diligence [2]. - Establishing an offshore holding structure includes setting up a Cayman company as the top-level holding entity, a Hong Kong company as an intermediary, and a WFOE (Wholly Foreign-Owned Enterprise) or VIE entity as the domestic operational entity [4][5]. - Restructuring domestic assets varies by structure type, with pure red-chip involving direct or indirect equity ownership and VIE relying on contractual agreements for control [4][9]. Group 3: Compliance and Regulatory Requirements - Compliance registration addresses foreign exchange and foreign investment issues, including necessary registrations for founders and WFOE [5][9]. - The importance of ensuring that agreements under the VIE structure comply with Chinese laws to avoid potential legal issues [10]. Group 4: Investor Introduction and IPO Preparation - Pre-IPO investors typically include private equity or venture capital funds, negotiating terms such as valuation and equity stakes [6][9]. - Preparing the NASDAQ listing application involves compiling an S-1 form that includes business descriptions, financial data, and risk factors [7][9]. Group 5: Listing and Post-Listing Arrangements - The listing process includes roadshows to attract institutional investors and finalizing the offering price based on market demand [8][9]. - Post-listing compliance requires adherence to SEC disclosure requirements and NASDAQ's ongoing listing standards [8][10]. Group 6: Key Considerations - The design of the structure must be rational, avoiding excessive SPV nesting to reduce compliance costs and regulatory risks [10]. - Tax optimization strategies are crucial, with the Cayman company offering tax neutrality and the Hong Kong company providing favorable tax arrangements [10]. - Transparency in information disclosure is essential to mitigate risks of litigation from investors regarding compliance issues [10].