JC Master Legal News Issue 956

Key Takeaways for This Issue

The Shanghai and Shenzhen stock exchanges are accelerating the implementation of the first batch of infrastructure public‑offering REITs projects.

On January 29, the Shanghai and Shenzhen Stock Exchanges announced that, in order to refine the supporting regulatory framework for infrastructure public‑offering REITs and ensure the orderly implementation of the pilot program, and in accordance with the overall work plan of the China Securities Regulatory Commission, they have each formulated and issued three key sets of business rules: the “Measures for the Administration of Publicly Offered Infrastructure Real Estate Investment Trusts (REITs) (Trial)” (hereinafter referred to as the “Measures”), the “Guidance on the Application of Rules for Publicly Offered Infrastructure REITs No. 1—Matters Requiring Attention During Review (Trial)” (hereinafter referred to as the “Review Matters Guidance”), and the “Guidance on the Application of Rules for Publicly Offered Infrastructure REITs No. 2—Offering Procedures (Trial)” (hereinafter referred to as the “Offering Guidance”).

HNA Group has filed for bankruptcy reorganization.

On January 29, 2021, HNA Group received a notice from the Hainan Provincial Higher People’s Court, the main content of which was that certain creditors, on the grounds that the Group is unable to repay its maturing debts, have applied to the court for the Group’s bankruptcy reorganization.

Announcement of the State Taxation Administration on Matters Relating to the Collection Standards for the Oil Price Adjustment Risk Reserve in the Fourth Quarter of 2020

In accordance with the “Announcement of the State Taxation Administration on Matters Relating to the Transfer of Collection and Management Responsibilities for Government Non-Tax Revenue Items, Including the National Major Water Conservancy Project Construction Fund” (No. 63 of 2018) and the “Administrative Measures for the Collection of the Oil Price Adjustment Risk Reserve” (Cai Shui [2016] No. 137), among other relevant provisions, the National Development and Reform Commission has approved the collection standards for the oil price adjustment risk reserve for the fourth quarter of 2020.

Provisions of the Supreme People’s Court on Several Issues Concerning the Adjudication of Bill Dispute Cases

In order to ensure the proper application of the Negotiable Instruments Law of the People’s Republic of China (hereinafter referred to as the “Negotiable Instruments Law”), to adjudicate negotiable instrument disputes fairly and promptly, to protect the legitimate rights and interests of the parties involved in such disputes, and to safeguard financial order and financial security, and in accordance with the provisions of the Negotiable Instruments Law and other relevant laws, and taking into account judicial practice, the following provisions are hereby promulgated concerning certain issues arising in the adjudication of negotiable instrument disputes by the people’s courts.