On November 24, 2025, the "Compliance Guidelines for Advertising Activities of Drugs, Medical Devices, Health Foods and Special Medical Purpose Formula Foods in Shanghai" (hereinafter referred to as the "Guidelines") was released. This is the first systematic compliance guidance document formulated by Shanghai for the advertising campaign of "three products and one device". This guideline consists of five chapters and 27 articles, providing comprehensive regulations on advertisement review, content requirements, and release norms, and promoting Shanghai's supervision of "three products and one device" advertisements to enter a new stage of refinement. This article intends to analyze the key legal provisions of this guideline from the perspective of internal legal affairs management.

In a legal life, wisdom is as vast as the sea, the original aspiration is as clear as a chime, and virtue and kindness go hand in hand. Every lawyer of Dehehantong, with the original aspiration of serving the people in their hearts, adheres to the service philosophy of "diligence, craftsmanship and excellence", and strides forward with high spirits on the broad road of the rule of law, shining in the fields they love. Dehehantong's "Character Interviews" invite you to explore the diverse lives of Dehe people together.

Non-compete restrictions, as an important means of protecting trade secrets, are facing challenges in practice. This article attempts to take the guiding case No. 190 of the Supreme People's Court as the starting point, systematically analyze the transformation of the standards for determining competitive relations from formal review to substantive review, and draw on the relevant market definition theories of China's Anti-Monopoly Law and the methods for determining competitive relations under the Anti-Unfair Competition Law, proposing a three-level review framework. Through case studies, this paper reveals the laws of competitive relationship determination in emerging industries such as the Internet and medicine, and attempts to construct a systematic determination methodology.

With the acceleration of consolidation in the pharmaceutical industry, anti-monopoly review has become a key link in the merger and acquisition process. Especially after the implementation of the new declaration standards, whether to declare, how to declare, and what regulatory risks may be faced have become issues that the legal and investment teams of enterprises must consider in advance. This article, in combination with the latest regulations and recent practical experience, systematically sorts out the reporting requirements for business concentration in the pharmaceutical industry and provides it for your reference.

In the previous articles, we have systematically interpreted several common investor priorities, including the right of first refusal, the right of joint sale, the right of first refusal, the right of first refusal, the right of anti-dilution, the right of liquidation priority, and the right of first refusal. This article will further focus on the right of first dividend and the right of first refusal, which, although not universally applicable, are of great significance in specific transactions. And deeply analyze the underlying logic and key points of the negotiation.

By clarifying the basic legal relationships among the general contracting company, the subcontracting company, the project supplier and the project manager, it is determined whether there is a legal basis for the property loss involved in the case, and then it is concluded whether there is any infringement of legal interests. Based on the nature, ownership, specific usage and subsequent write-off of the involved funds, and in combination with the elements of the crime, it is ultimately determined whether there are criminal acts such as misappropriation of funds and embezzlement of duty.