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史上最强VIE架构的中外论述.docx

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史上最强：VIE架构的中外论述 VariableInterestEntity(VIE)Structure VariableInterestEntity(VIE)StructureforForeignInvestmentinthePRCMayFaceChallengeinChina Thevariableinterestentity("VIE")haslongbeenapopularstructureforforeignpartiestoinvestinsectorswhicharerestrictedbyChina'sindustrialpolicytoforeigninvestment.InadditiontheVIEstructurehasalsobeenusedasameansbywhichChinesedomesticentitiescouldlistoffshoreoninternationalcapitalmarkets. ThefirstwellknownVIEstructurewasthatofSina.cominits2000listingonNASDAQ.IndeedtheVIEstructureisalsocommonlyknownasa"SinaStructure".SinausedtheVIEasaworkaroundstructuretoavoidrestrictionsonforeigndirectinvestment(FDI)inthevalue-addedtelecomservicessector.Sincethen,bothforeignandChineseinvestorsalikehavereplicatedtheVIEstructureinmanyothersectorsofChina'seconomywhereFDIiseitherrestrictedorprohibitedtoforeigninvestors. InessenceaVIEstructurereferstoastructurewherebyanentityestablishedinChinawhichisfullyorpartiallyforeignowned("ControllingCompany")hascontroloveranoperatingcompany("OperationCompany")whichholdsthenecessarylicense(s)tooperateinaFDIrestricted/prohibitedsector.Assuchsectorisrestricted/prohibitedbythePRCauthorities,theforeigninvestorsarenotabletodirectlyinvestinsuchOperationCompany.Accordingly,theforeigninvestorsadoptvariouscontractualarrangementsbetweentheControllingCompanyandtheOperationCompanyinordertoobtaindefactocontrolovertheoperationandmanagementoftheOperationCompany.TheprofitsofsuchOperationCompanywouldalsoflowbacktotheControllingCompanyandthenultimatelybeconsolidatedbytheforeigninvestors. Fordomesticcompanies,especiallycompaniesintherestrictiveindustrieswithoutmuchphysicalassets(suchasinternetortelecommunication),theVIEstructurewaswidelyusedtoenablethemtoobtainfinancingfromoverseasmarketthroughoverseaslistings.Gradually,companiesfromheavyindustriesalsostartedtoadopttheVIEstructuretolistoverseasandtheoverseasshellcompanystartedadoptingsuchVIEstructuretocircumventtheapprovalrequirementstipulatedbyrelevantPRCM&ARules1. Fromthegovernme