Introduction of PRC Company Law (Revised in 2023)

Starting July 1st, 2024, the 2023 PRC Company Law will supersede the 2018 PRC Company Law and come into effect across mainland China. The 2023 Company Law introduces revisions primarily concerning limited liability companies, focusing on: 1) shareholders' capital contributions, 2) voting procedures for the board of shareholders and board of directors, 3) enhancements to the duties of loyalty and diligence for directors, supervisors, and senior executives, and 4) improvements to the liquidation system. This article will provide a brief overview of these four main revisions.

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