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1、TopicsinChineseLawANO’MELVENY&MYERSLLPRESEARCHREPORTVIEStructuresinChina:October2011WhatYouNeedtoKnowbyDavidRobertsandThomasHall*Formorethanadecade,thecaptiveAsaresult,itismoreimportantthanor“Sina-model”structure(alsoeverthatinvestorsclearlyunderstandcommonlyreferredtoasthe“variablehowVIEst
2、ructureswork,whytheyinterestentity,”orVIE,structure,whichareused,andtherisksinvolvedwithisthetermweuseinthisarticle)hasinvestinginacompanyusingaVIEbeenadoptedbyforeign-investedPRCstructure.Inthisarticle,wediscussthecompaniesoperatinginindustriessubjectbasiccharacteristicsandunderlyingtorest
3、rictionsonforeigninvestment.TherationaleoftheVIEstructure,itsstructurehasbecomecommonplaceandisexpandeduseinrecentyears,theusedbymanyofChina’smostwellknownregulatoryhistoryandrecentregulatoryoffshore-listedcompanies,includingscrutinyofthestructure,thestructuralAlibaba,Baidu,Dangdang,FocusMe
4、dia,risksinherentinitsuseandbestNewOriental,SinaandTudou.Forseveralpracticesformitigatingsuchrisks.emergingindustriesinChina,includingInternetandprivateeducation,almostallAnatomyoftheVIEStructuremajorplayershaveadoptedVIEstructurestoattractforeignventurecapitalfinancingVIEstructuresaretypic
5、allyadoptedasandcompleteoffshorelistings.partofanoffshorerestructuringofaPRCdomesticcompanyinpreparationHowever,recentinstancesoflistedforventurecapitalorprivateequitycompanieslosingcontroloftheirVIEsfinancingandeventuallistingonan(includingtheverypublicdisputebetweenoffshorestockexchange.B
6、utunlikeJackMa,thefounderandCEOofAlibaba,astraight-forwardoffshore“red-chip”andAlibaba’sothershareholdersregardingrestructuringwheretheoffshoretheAlipayVIE)andconcernsoveraholdingcompanywouldacquirethepotentialregulatoryclampdownonVIEdomesticcompany’sequityintereststructureshavecausedsignif
7、icantconcernfromitsPRCresidentfounders,inaamonginvestors.SteepdeclinesinshareVIEstructuretheoffshoreholdingpricesofoffshore-listedPRCcompaniesincompanywouldformanewwhollySeptember2011wereattributed,atleastinownedsubsidiary(“WFOE”)inChinapart,toconcernsab
