MoFo News Item

Chuck Comey Talks Shanghai’s FTZ with Daily Journal

05 Nov 2013

Chuck Comey, a partner in Morrison & Foerster’s Palo Alto office who regularly advises U.S. multinationals who invest in China, is working with U.S. public companies exploring investment options in Shanghai and was recently interviewed by the Daily Journal on investment options presented by the new Shanghai Free-Trade Zone, which was launched in September to encourage foreign investment into the area. According to the Daily Journal, “California lawyers say they are already helping multinational companies get ready to set up shop in the zone.” Mr. Comey told the Daily Journal that MoFo is “helping foreign firms that are actively looking at opportunities using the zone as the base of operations.”

The free-trade zone has new implications for wholly foreign-owned enterprises and joint ventures looking to establish business in China. The article notes such companies “normally have to go through complex and lengthy applications in order to seek permission from the government” but now such companies “need only make a simple filing.” Mr. Comey says setting up operations in the zone is “much faster than under the preapproval system, which still applies outside the zone.”

The Daily Journal also reported that the Shanghai stock exchange may set up a means by which foreign companies could have shares listed and traded in Shanghai. According to Mr. Comey, these reforms “are all designed to attempt to position Shanghai as a major finance center globally.”

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