环球专递LEGALUPDATES-环球律师事务所.PDFVIP

FEATURE: RIGHT OF FIRST REFUSAL UNDER INDIRECT SHARE TRANSFERS 2013/05/10 环球专递 LEGAL UPDATES 中国法院判定以间接转让股权的方式规避股东优先购买权的行为无效 The PRC Court Held That the Shareholders’ Right of First Refusal Shall Not Be Circumvented by Means of Indirect Share Transfers * 王 武 By Wu WANG 上海市第一中级人民法院于2013 年4 月23 On April 23, 2013, the No.1 Intermediate People’s Court of 日就备受关注的上海“外滩地王案”作出一 Shanghai (the “First Instance Court”) made its judgment 审判决并认定SOHO 中国通过间接转让股 (the “First Instance Judgment”) with respect to a case 权的方式规避股东优先购买权的行为无 well-known as “Shanghai Bund Land Case”, which 效。因为SOHO 中国等方表示会就上述一 judgment ruled that the indirect share transfers taken by 审判决提起上诉，所以该案的最后结果仍 SOHO China with the purpose of circumventing other 待终审判决决定。 shareholders’ right of first refusal shall be invalid. As it was reported that SOHO China will lodge an appeal against the First Instance Judgment, the result of this case may still be subject to the final judgment. 一、案情简介 I. Case Overview 为了投资于上海外滩8-1 地块的开发项目， In order to invest into the development and operation of 浙江复星商业发展有限公司（以下简称“浙江复星” ） the project on the “Bund Land 8-1”, Zhejiang Fu Xing 联合其他主体（以下合称“少数派股东” ）成立了上海 Commerce Development Co., Ltd. (“Zhejiang Fu Xing”) 海之门房地产投资管理有限公司（以下简称“海之门 and certain other entities (the “Minority Shareholders”) set 公司” ），并由海之门公司收购了外滩8-1 地 u