On April 21, 2016, Annual Membership Meeting of Shanghai United Assets and Equity Exchange was held. Partner Wang Dong from Dentons Shanghai office was invited to the meeting. The meeting, focusing on “Transform and Upgrade to Realize Innovative Development”, was hosted by Ji Kangwen, vice-president of Shanghai United Assets and Equity Exchange (“UAE”). Leaders from State-owned Assets Supervision and Administration Commission of Shanghai Municipal Government and Shanghai Property Rights Exchange Administration Office addressed the meeting, while Qiu Yi, vice-president of UAE delivered the 2015 UAE work report.
The meeting reviewed UAE’s performance and membership in the past year and gave an outlook for 2016. It was learned that in 2015 UAE had made breakthroughs in the volume of transactions, appreciation rates and appreciated values of central enterprises-owned assets, as well as the number of auctions of state-owned assets and equities. In 2016, UAE would further rely upon its principal business, improve its service capacity, and speed up its transformation and upgrading, while putting an emphasis on platform construction.
The meeting also awarded outstanding members in 2015. Dentons Shanghai office garnered a “Professional Service Provider Award”, being the only and the first consecutively awarded law firm. Partner Wang had helped design, formulate, and advise on assets and equities exchange rules concerning state-owned assets and equities transactions in SOE restructuring cases as well as the training of agencies. Wang had also advised on eye-catching deals that subsequently won the firm critical acclaim.
On the afternoon, Wang participated in a session jointly organized by UAE Real Right Department, auctioneers and law firms. The session focused on how to reinforce cooperation among the three sides. As the only attorney present, Wang said the members should each tap their own professional advantages to establish a complete, quality service chain while UAE should provide platforms and opportunities for such in-depth, all-round cooperation to take place. At the same time, he alerted UAE to cutthroat and disorderly competition among some of the agencies and suggested UAE take proper measures to ban such behaviors.
Wang also pointed out that in order for buyer and seller of assets and equities to get used to conducting transactions in UAE, and for buyers to develop a habit of shopping at UAE, the exchange should regulate its own fee-charging acts as well as that of the agencies, provide guiding prices, and clarify transaction costs at the exchange. Besides, the UAE needed to improve information availability of potential deals, help deepen connection and cooperation among members and UAE, and commit itself to build a more prosperous market.
At 4:00 pm, the meeting ended in a relaxed and harmonious atmosphere.