日前，汤森路透旗下的《亚洲法律杂志》（Asian Legal Business，简称“ALB”）发布“2019 ALB China客户首选律师”评选榜单。本次评选旨在找出国内最受客户欢迎、得到最多客户认可的优秀律师。参与问卷的人士包括公司法务人员、管理人员以及第三方商业顾问。竞天公诚合伙人马宏继律师凭借良好的客户口碑和卓越的市场表现光荣入选。
竞天公诚全体同仁诚挚祝贺马宏继律师获此殊荣，并对所有客户的支持和信任表示由衷的感谢。竞天公诚也将一如既往的为客户提供行业领先的法律服务。
榜单公布后，马宏继律师接受了ALB的专访，就“资本市场中创新性项目的开展”做了专题探讨。经授权，以下为全文转发。
《亚洲法律杂志》：
马律师之前是中国国航法律部的企业律师，请问现在觉得律所律师的工作和之前有什么同与不同？之前的经历对现在的工作有何帮助？
马宏继律师：
公司法务和外部律师具有共同的目标和责任，即为公司提供有价值的法律解决建议和方案并付诸实施，两者相辅相成。不同在于，公司法务更需从业务及管理角度判断法律合规性问题对公司业务发展的影响以及通过管理减少公司法律风险。外部律师更加具有独立性，为多行业不同领域的客户提供法律服务，具有专业法律领域的深度和广度，可以结合客户行业及具体情况提供有建设性的专业法律服务解决方案。之前公司法务工作经历有助于我更好地理解公司法律服务需求，以提供切合公司实际情况的法律解决方案。
《亚洲法律杂志》：
马律师专注证券资本市场，承办了诸多首发上市（IPO）、并购重组、融资、股权激励等项目，其中不乏颇具创新意义的项目，请问您觉得应如何开展创新性的项目？
马宏继律师：
证券资本市场是强监管领域，同时经济活动、法律法规又在不时发展、变化，在从事业务时就会遇到一些无先例可循的项目，诸如新行业中第一家公司上市、并购重组中新的交易结构、新法规下第一例项目实施等。对于该等类型项目，需要在进行大量研究、分析，理解透彻项目自身情况、所涉法律法规、行业背景等方面因素后，确定监管的逻辑和边界以及项目自身需求，形成合规合理和可操作的方案，以获得相关方认可，方可顺利实施。
《亚洲法律杂志》：
请问您观察到的资本市场近期趋势有哪些，有何建议？
马宏继律师：
近几年来，境内证券市场一直在推进以信息披露为中心的新股发行制度改革，今年科创板也如期推出并迎来第一批科创板上市公司，IPO活动频繁，为拟首发上市的企业创造了良好的政策及市场环境，拟上市公司应对自身尽早评估和筹划，一旦决策则有力实施。同时，上市公司和标的公司近年来估值下降趋于合理，为上市公司收购和实施重大资产重组创造了有利机会，并购重组中需要考虑的因素纷繁复杂，除关注投资成本、业务协同、合作和管理模式等因素外，还应格外关注交易对方的法律和财务合规风险，对上述因素全面评估后再决策实施。
ALB：
You worked for Air China’s legal department before, how is your current job different from back then? How has this previous experience helped you with your current work?
Ma：
In-house legal department and external lawyers share a common goal and responsibility: provide valuable legal advice and solutions to a company and implement them. The two complement each other. The difference is that a in-house counsel needs to judge the impact of legal compliance issues on the company's business development from the perspective of business and management, and reduce the company's legal risks through management. External lawyers are more independent. Having provided legal services to clients in many different industries, they can come up with constructive legal service solutions based on the depth and breadth of their professional knowledge and experience, combined with the consideration of their clients’ specific situations. My previous work experience has helped me better understand a company's legal service needs so that I can provide solutions tailored to the company's actual situation.
ALB：
You mainly focus on the capital market and have undertaken many innovative projects related to IPO, mergers and acquisitions, financing, equity incentives, etc. How do you think lawyers should carry out innovative projects?
Ma：
The security capital market is strictly regulated. However, at the same time, economic activities, laws and regulations are constantly developing and changing. Lawyers are bound to encounter some unprecedented cases in this field, such as the listing of the first company in a new industry, new transaction structure in a merger and acquisition deal, and the implementation of the first project under a set of new regulations. For these types of projects, it is necessary to determine the logics and boundaries of the supervision and the needs of the project itself after a large amount of research, analysis and thorough understanding of the project. Then a reasonable and practical solution that conforms with the laws and regulations will be formed and approved by relevant parties, which will ensure the smooth implementation of that solution.
ALB：
What are the recent trends in the capital market that you have observed, and what are your insights?
Ma：
In recent years, the domestic securities market has been advancing the reform of the new share issuance system centred on information disclosure. This year, the newly launched science and technology board has also welcomed the first batch of listed companies. There is an increasing amount of IPO activities which has created a good regulatory and market environment for companies planning their IPOs. These companies should evaluate and plan for themselves as soon as possible, and once they make all the decisions for their IPO, they should vigorously pursue it. At the same time, the evaluation of listed companies and target companies has become more reasonable in recent years, which is a boon for acquisitions and major asset restructuring. There are many complex factors to be considered in mergers and acquisitions, besides investment costs, business synergies, cooperation and management model, we should also pay special attention to the legal and financial compliance risks of the counterparty, and make a comprehensive assessment of all the above factors before making any decisions.
马宏继 合伙人
+86 010-5809 1298
ma.hongji@jingtian.com
马律师的工作语言为中文和英文。
