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2025年4月10日上午，最高人民法院第二國際商事法庭在上海國際商事法庭公開開庭，由審判長沈紅雨，審判員潘勇鋒、郭載宇、黃西武、高燕竹組成合議庭提級審理了一起出資糾紛案件。

此次庭審是最高人民法院國際商事法庭在上海國際商事法庭進行的公開開庭，充分踐行了最高人民法院巡回審判制度“審判機關重心下移、就地解決糾紛、方便當事人訴訟”的功能。最高人民法院國際商事法庭切實履職盡責，不僅讓“家門口的最高法院”落到實處，還為長三角區域涉外法治建設提供“司法為民、公正司法”的示范樣本，有力指導地方國際商事法庭更好發揮涉外審判職能作用。

作為全球矚目的我國對外開放前沿陣地與經濟中心，上海始終是國際商事主體觀察中國國際化、法治化營商環境的重要窗口，也是外商投資最為發達、涉外經貿最為活躍的區域之一。近年來，跨境數字貿易、離岸金融創新、國際投資并購等新興業態蓬勃發展，隨之而來的新型跨境貨物貿易、國際投資、離岸服務貿易等多元化糾紛類型不斷出現，法律關系也日趨復雜。

本次公開審理的案件正是一起外國股東起訴中國股東、董事等的出資糾紛案件。本案中，外國股東主張中國股東、董事通過關聯交易抽逃出資，被告及第三人予以否認。案件涉及中外合資企業經營過程中的股東權利的邊界、公司章程條款的理解、重大關聯交易的認定等典型問題，各方當事人就此展開激烈辯論。面對案件涉及的多項法律爭議，最高人民法院國際商事法庭的法官展現出深厚的法學專業能力、敏銳的規則洞察力及嫻熟的庭審駕馭能力，精準歸納了案件焦點，通過條分縷析的證據質證與法理闡釋，展現了我國涉外商事審判的專業高度和國際視野，為同類案件審理樹立了榜樣。

全國人大代表李豐、周燕芳，最高人民法院國際商事專家委員會專家委員范思深（Susan Finder），上海市政府部門、行業協會、仲裁機構、調解組織、律師協會等相關單位負責人，上海市高級人民法院、上海市第一中級人民法院的法官代表，以及華東政法大學、上海政法學院、上海紐約大學的師生代表等80余人旁聽了庭審。旁聽人員對此次庭審給予高度評價，表示這是一場規范、嚴謹、高效的示范庭審。

外籍旁聽人員盛贊，這次庭審全程采用了先進的同聲傳譯系統，整場庭審具有很強的科技感，實現了全程無障礙旁聽，很好體現了上海數字法院建設的成果。這樣的巡回審判機制以“零距離”的司法服務為長三角區域的中外商事主體提供了明確的司法指引，彰顯了中國司法機關依法平等保護中外當事人合法權益的務實行動，體現出中國在營造市場化、法治化、國際化一流營商環境方面的積極作為。

黨的二十大報告明確提出，“推進高水平對外開放，穩步擴大規則、規制、管理、標準等制度型開放”。上海國際商事法庭將以此次審理為契機，認真學習最高人民法院國際商事法庭的審判機制和方式，推進國際商事審判機制改革創新，以“司法護航”助力構建國際國內雙循環新發展格局，為投資者提供更加高效、更加透明、更可預期的糾紛解決路徑。

I am very glad to have had this opportunity to attend this hearing with other international attendees and hope that having international visitors attending international commercial cases in the future will be a usual practice. It is symbolic that this hearing with foreign attendees took place in Shanghai, one of the most open cities in China.

The judges’ questions went to the core issues of the case. It was clear that they had thoroughly reviewed the parties’ submissions and considered the most important points. It was a very insightful experience.

As an arbitration practitioner, I was honored to attend this trial. The Supreme People’s Court demonstrated high professionalism and openness in handling foreign-related commercial disputes. The case focused on substantive issues such as capital contributions, corporate control, and related party transactions. Although legally complex, the judges demonstrated clear reasoning and a tightly structured logic in their adjudication. From an arbitration perspective, foreign-related investment place greater emphasis on rule predictability and stable governance. However, core legal issues in this case, such as fulfillment of registered capital obligations, legitimate exercise of shareholder rights, and maintaining corporate legal personality, are recurring themes in Sino-foreign joint venture governance.

This experience reaffirmed my belief that courts and arbitration institutions, through authoritative judgments and awards, can jointly build a fair, rules-based, and predictable business environment, and further align China’s commercial legal system with international norms.

今天的庭審由最高人民法院民四庭庭長、國際商事法庭法官沈紅雨親自擔任審判長，為時半天的庭審過程高效又不失嚴謹，充分展示了中國國際商事法庭法官杰出的庭審駕馭能力，出庭代理律師也展現出了很高的執業水準，可以說今天的庭審代表了中國司法審判的最高水平，令在座旁聽人員受益良多。在全球貿易和投資面臨重大挑戰之際，最高人民法院國際商事法庭在上海提審國際商事一審案件，無疑是向國際社會傳遞了中國保護外商投資合法權益的強烈信號，增強外國投資者對中國法律和司法制度的信心與信任。

同時，最高人民法院國際商事法庭在上海巡回審判案件，能夠為上海乃至全國的涉外商事審判提供標桿性案例，也為營造市場化、法治化、國際化的一流營商環境提供司法保障，必將有力促進上海“五個中心”建設。上海律師在積極參與涉外案件的代理工作以外，也期盼未來能有更多像今天這樣由上海國際商事法庭和上海律協共同組織的培訓、研討等學習交流活動，提升涉外法律服務水平。

On the morning of April 10, 2025, the Second International Commercial Court of the Supreme People’s Court held a public trial at the Shanghai International Commercial Court. A collegial panel composed of Presiding Judge Shen Hongyu and Judges Pan Yongfeng, Guo Zaiyu, Huang Xiwu, and Gao Yanzhu conducted a trial at an elevated level for a capital contribution dispute case.

This marked a public trail held by the China International Commercial Court in the Shanghai International Commercial Court. It fully demonstrated the function of the circuit trial system of the Supreme People's Court, which is “to shift the focus of the judicial organ downward, resolve disputes on-site, and facilitate litigation for the parties”. By earnestly fulfilling its duties, the China International Commercial Court has not only made the idea of “Supreme Court at the doorstep” a reality, but also provided a model of “justice for the people and fair justice” for foreign-related rule-of-law development in the Yangtze River Delta region, and strongly guided local international commercial courts in better performing their foreign-related adjudicative functions.

As China’s economic hub and frontier of opening-up which attracts worldwide attention, Shanghai serves as a key window through which international commercial entities observe the country’s internationalized and rule-of-law-based business environment. It is also one of the most active regions for foreign investment and international economic and trade activities. In recent years, emerging sectors such as cross-border digital trade, offshore financial innovation, and international mergers and acquisitions have thrived, giving rise to new types of disputes involving cross-border goods trade, international investment, and offshore services, and the legal relationships have become increasingly complex.

The case heard publicly this time involved a dispute between the foreign shareholder and the Chinese shareholder and directors over capital contributions. In this case, the foreign shareholder claimed that the Chinese shareholder and directors had withdrawn capital through related-party transactions, but the defendants and the third parties denied it. The case touches on key issues such as the boundaries of shareholder rights, interpretation of articles of association, and the identification of major related-party transactions in the operation of Sino-foreign joint ventures. The parties engaged in intense and detailed debate on these issues. Facing with numerous legal disputes in the case, the judges of the China International Commercial Court displayed profound legal expertise, sharp insights into legal rules and proficient courtroom management skills. They accurately summarized the case’s core issues and skillfully conducted evidence verification and legal analysis, which highlighted China’s high level of professionalism and international outlook in foreign-related commercial adjudication, and set a benchmark for similar cases.

Today's trail was presided by Shen Hongyu, the Chief Judge of the Fourth Civil Division of the Supreme People's Court and also of the judge of the China International Commercial Court. It was a half-day hearing that was both efficient and rigorous, demonstrating the outstanding courtroom management skills of the top judges of the China International Commercial Court. The litigating attorneys also displayed excellent professionalism. I believe this trail has showed the highest level of China’s judicial adjudication, offering great insights to all attendees. At a time when global trade and investment face significant challenges, the Supreme People's Court’s decision to hear a first-instance international commercial case at an elevated level in Shanghai undoubtedly sends a strong signal to the international community that China protects the legitimate rights and interests of foreign investors, strengthening their confidence and trust in China's legal and judicial systems.

At the same time, by conducting the circuit trial of case in Shanghai, the China International Commercial Court can provide benchmark cases for foreign-related commercial trials in Shanghai and even across the country, and also provide solid judicial support for building a world-class, market-oriented, law-based, and internationalized business environment, which will strongly promote the construction of Shanghai's “Five Centers”. In addition to actively participating in the representation of foreign-related cases, Shanghai lawyers also look forward to having more learning and exchange activities such as training and seminars jointly organized by the Shanghai International Commercial Court and the Shanghai Bar Association in the future to enhance foreign-related legal service capabilities.

More than 80 people attended the hearing, including delegates to the National People’s Congress Li Feng and Zhou Yanfang; Susan Finder, a member of the Expert Committee of the China International Commercial Court; representatives from Shanghai municipal departments, industry associations, arbitration and mediation institutions, and bar associations; judges from the Shanghai High People’s Court and Shanghai First Intermediate People’s Court; as well as faculty and students from East China University of Political Science and Law, Shanghai University of Political Science and Law, and NYU Shanghai. Attendees give a good appraisal for the hearing, indicating it a model of normative, rigorous, and efficient proceedings. Foreign attendees highly praised the fact that the trial adopted an advanced simultaneous interpretation system throughout the process, providing the entire trial with a strong sense of technological sophistication and enabling barrier-free attendance throughout the process. This reflected the achievements of the construction of digital courts in Shanghai. Such circuit trial mechanism provides clear judicial guidance for both Chinese and foreign commercial entities in the Yangtze River Delta region with “zero-distance” judicial services, demonstrating the practical actions of Chinese judicial organs to equally protect the legitimate rights and interests of both Chinese and foreign parties according to law and reflecting China's active actions in creating a market-oriented, legalized, and internationalized business environment.

The Report to the 20th National Congress of the Communist Party of China clearly stated the need to “promote high-standard opening up and steadily expand institutional opening up with regard to rules, regulations, management, and standards”. Through this trial, the Shanghai International Commercial Court will continue to learn from the adjudication mechanisms and practices of the China International Commercial Court, drive innovation in the international commercial trial system, build a international and domestic new development pattern of dual circulation with “judicial escort”, and provide global investors with more efficient, transparent, and predictable dispute resolution paths.

Observations from the Hearing

Susan Finder（范思深）

最高人民法院國際商事專家委員會專家委員，北京大學國際法學院常駐知名學者

我非常高興能有這次機會與其他國際法律人一同旁聽此次庭審，并且希望今后讓國際人士參與旁聽國際商事案件能夠常態化。這次有國際法律人參與旁聽的庭審活動能在上海（中國最開放的城市之一）舉行，頗具象征意義。

這次開庭給我留了深刻印象。法官們的提問，切中了案件的核心問題，可見他們已經事先徹底審閱了雙方提交的材料。這是一次非常有啟發性的經歷。

Hermes PAZZAGLINI（楊慕華）

上海國際經濟貿易仲裁委員會（上海國際仲裁中心）仲裁員，意大利NCTM律師事務所上海代表處首席代表

作為仲裁從業者，有幸旁聽本案的審理，深感最高人民法院在涉外商事案件處理中的專業性與開放性。案件聚焦于出資履行、公司控制及關聯交易的實質問題，法律關系復雜，但裁判思路清晰、邏輯嚴密。從仲裁視角看，涉外投資更強調規則的可預期性與治理結構的穩定性，但本案所反映出的核心法律問題（如注冊資本的真實履行、股東權利的正當行使、公司人格的獨立維護），也同樣是中外合資企業治理中反復出現的爭議焦點。

此次觀摩讓我更加確信，法院和仲裁機構通過權威裁判和裁決的方式可形成合力，為建設規范、公正、可預期的營商環境提供堅實保障，進一步推動中國商事法治與國際規則的接軌。

Zou Zhiqiang

Vice Chairman of the Arbitration Committee of the Shanghai Bar Association, Partner of Dacheng Shanghai

Today's trail was presided by Shen Hongyu, the Chief Judge of the Fourth Civil Division of the Supreme People's Court and also of the person in charge of the Second International Commercial Court. It was a half-day hearing that was both efficient and rigorous, demonstrating the outstanding courtroom management skills of the top judges of the China International Commercial Court. The litigating attorneys also displayed excellent professionalism. I believe this trail has showed the highest level of China’s judicial adjudication, offering great insights to all attendees. At a time when global trade and investment face significant challenges, the Supreme People's Court’s decision to hear a first-instance international commercial case at an elevated level in Shanghai undoubtedly sends a strong signal to the international community that China protects the legitimate rights and interests of foreign investors, strengthening their confidence and trust in China's legal and judicial systems.

At the same time, by conducting the case at an elevated level at the Shanghai International Commercial Court, the Supreme People's Court can provide benchmark cases for foreign-related commercial trials in Shanghai and even across the country, and also provide solid judicial support for building a world-class, market-oriented, law-based, and internationalized business environment, which will strongly promote the construction of Shanghai's “Five Centers”. In addition to actively participating in the representation of foreign-related cases, Shanghai lawyers also look forward to having more learning and exchange activities such as training and seminars jointly organized by the Shanghai International Commercial Court and the Shanghai Bar Association in the future to enhance foreign-related legal service capabilities.

文：劉侗侗

翻譯：施明宇

校對：聶妍鏵

值班編輯：郭葭