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ID:40946759
大小:224.78 KB
页数:4页
时间:2019-08-11
《Mofo-20130815-China VIEs Recent Developments and Observations》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、ClientAlertAugust15,2013ChinaVIEs:RecentDevelopmentsandObservationsByCharlesComey,PaulMcKenzie,SherryYinandMichelleYuanAsmanyofourreadersareaware,the“variableinterestentity”(“VIE”)structurehasprovenpopularoverthepastdecadeasameanstofacilitatetheoffsh
2、orefinancingofPRCcompaniesdoingbusinessinregulatedsectorssuchastheInternetandvalue-addedtelecommunications.AVIEstructuretypicallyinvolvescontractualarrangementspursuanttowhichanoffshoreentity(typicallythroughoneormorewhollyforeign-ownedenterprise(“WF
3、OE”)subsidiariesestablishedinChina)controls,andconsolidatesforfinancialaccountingpurposestheoperatingresultsof,oneormoreChineseonshoreoperatingentities(an“OpCo”)whoseequityisownedbyPeople’sRepublicofChina(“PRC”)nationals.Anumberofdevelopmentsinthepas
4、t18monthshaveledtogreaterscrutinyoftheVIEstructure.ThisAlertreviewsarecentdecisionoftheSupremePeople’sCourtintheChinachemcaseandanarbitralawardinacontractdisputeinvolvingaChinesedomesticonlinegamingcompanyoperatedbyNASDAQ-listedGigaMediautilizingaVIE
5、structure,andconsidersthepotentialimpactofthesetwocasesontheuseoftheVIEstructure1goingforward.THECHINACHEMCASEChina’sSupremePeople’sCourtrenderedarulinginOctober2012thatendeda12-yeardisputebetweenChinachemFinancialServices,aHongKongcompany(“Chinachem
6、”),andChinaSmallandMediumEnterpriseInvestmentCo.Ltd.,amainlandChinesefirm(“ChinaSME”).Thedisputeinvolvedownershipofsharesrepresentinga6.5%stakeintheChinaMinshengBankingCorporation(“Minsheng”)thatChinachemassertedownershipofviaanentrustment(委托投资)arran
7、gement.TheCourtruledthattwodeedsofentrustmentthroughwhichChinaSMEactedasChinachem’sproxytobuyandholdthesharesinMinsheng,togetherwithtwoloanagreementsthroughwhichChinachemlenttheinvestmentfundstoChinaSME,wereenteredintowiththeclearintentofcircumventin
8、gChina’srestrictionsonforeigninvestmentinChina’sbankingsectorandaccordinglywereinvalidandunenforceableunderArticle52ofthePRCContractLaw,whichprovidesthatcontractsareinvalidwherethey“concealillegalintentionswithinalawfulform”(“以合法的形式掩盖非法目的”).TheCourta
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