史上最强VIE架构的中外论述

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1、史上最强：VIE架构的中外论述VariableInterestEntity(VIE)StructureVariableInterestEntity(VIE)StructureforForeignInvestmentinthePRCMayFaceChallengeinChinaThevariableinterestentity("VIE")haslongbeenapopularstructureforforeignpartiestoinvestinsectorswhicharerestrictedbyChina'sind

2、ustrialpolicytoforeigninvestment.InadditiontheVIEstructurehasalsobeenusedasameansbywhichChinesedomesticentitiescouldlistoffshoreoninternationalcapitalmarkets.ThefirstwellknownVIEstructurewasthatofSina.cominits2000listingonNASDAQ.IndeedtheVIEstructureisalsocommon

3、lyknownasa"SinaStructure".SinausedtheVIEasaworkaroundstructuretoavoidrestrictionsonforeigndirectinvestment(FDI)inthevalue-addedtelecomservicessector.Sincethen,bothforeignandChineseinvestorsalikehavereplicatedtheVIEstructureinmanyothersectorsofChina'seconomywhere

4、FDIiseitherrestrictedorprohibitedtoforeigninvestors.InessenceaVIEstructurereferstoastructurewherebyanentityestablishedinChinawhichisfullyorpartiallyforeignowned("ControllingCompany")hascontroloveranoperatingcompany("OperationCompany")whichholdsthenecessarylicens

5、e(s)tooperateinaFDIrestricted/prohibitedsector.Assuchsectorisrestricted/prohibitedbythePRCauthorities,theforeigninvestorsarenotabletodirectlyinvestinsuchOperationCompany.Accordingly,theforeigninvestorsadoptvariouscontractualarrangementsbetweentheControllingCompa

6、nyandtheOperationCompanyinordertoobtaindefactocontrolovertheoperationandmanagementoftheOperationCompany.TheprofitsofsuchOperationCompanywouldalsoflowbacktotheControllingCompanyandthenultimatelybeconsolidatedbytheforeigninvestors.Fordomesticcompanies,especiallyco

7、mpaniesintherestrictiveindustrieswithoutmuchphysicalassets(suchasinternetortelecommunication),theVIEstructurewaswidelyusedtoenablethemtoobtainfinancingfromoverseasmarketthroughoverseaslistings.Gradually,companiesfromheavyindustriesalsostartedtoadopttheVIEstructu

8、retolistoverseasandtheoverseasshellcompanystartedadoptingsuchVIEstructuretocircumventtheapprovalrequirementstipulatedbyrelevantPRCM&ARules1.Fromthegovernment'sperspec