July 9, 2018, Siemens and Alibaba Cloud, the cloud computing arm of Alibaba Group, signed a Memorandum of Understanding (MoU) on the deployment of MindSphere, Siemens’ cloud-based open Internet of Things (IoT) operating system, on Alibaba Cloud.
Continue Reading KWM acts as counsel to Siemens for its collaboration with Alibaba Cloud on the deployment of industrial IoT MindSphere in China

On September 19, 2014 U.S. Eastern Standard Time, Alibaba Group Holding Limited (“Alibaba”) began trading on the New York Stock Exchange under the symbol “BABA”. A total of 320,106,100 American Depositary Shares (excluding green shoe) were offered and approximately US$21.8 billion proceeds were raised in the offering, making Alibaba’s IPO the biggest one in the history of the U.S. capital markets.

King & Wood Mallesons (“KWM”) acted as the PRC legal counsel for the six lead underwriters in Alibaba’s U.S. listing. From the kick-off to the filing of registration form with SEC, the roadshow and the successful listing, KWM lawyers participated in every stage of this milestone project and witnessed every important event of Alibaba’s U.S. listing process.
Continue Reading King & Wood Mallesons Advises Lead Underwriters for Alibaba on Its U.S. Listing

By  Zeng Xianwu Bai Lihui King & Wood’s Foreign Direct Investment (FDI) Group

To achieve the initial public offering (“IPO“), there are two options for Chinese companies, onshore listing (also known as A-share listing) and offshore listing (also known as red-chip listing).  Since the conditions and qualifications for A-share listing are usually a little higher and the procedure is more time-consuming than for the offshore listing, Chinese companies which cannot meet the A-share listing’s requirements or which need to complete IPO rapidly, usually would prefer the red-chip listing.  For the red-chip listing, there are two commonly-used structures for Chinese companies: the straight-forward offshore listing structure and the VIE structure.  In addition, for the purpose of attracting foreign investors and for circumventing restrictions on foreign direct investment, during the Pre-IPO restructuring, the VIE structure is also widely used by Chinese companies and foreign companies alike.

In 2011, after a series of public events, the variable interest entity (“VIE“) structure re-attracted a lot of attention and concerns from the PRC authorities, entrepreneurs, investors and other market participants.  This essay will describe the circumstances in which the VIE structure was created, how it has been used and the changes in the regulatory environment which might affect the feasibility of utilizing the VIE structure.Continue Reading Variable Interest Entity Structure in China

作者:徐萍 金杜律师事务所外商投资

长期以来,可变利益实体结构(即Variable Interest Entity,“VIE”结构)一直是外国投资者进入中国外商投资限制领域的常用模式。与此同时,VIE结构一直以来也是中国境内企业在境外资本市场实现上市的常用做法。


 Continue Reading 在中国通过VIE结构进行外商投资将遇到挑战

By Xu Ping  King & Wood’s Foreign Direct Investment Group

The variable interest entity ("VIE") has long been a popular structure for foreign parties to invest in sectors which are restricted by China’s industrial policy to foreign investment. In addition the VIE structure has also been used as a means by which Chinese domestic entities could list offshore on international capital markets.

The first well known VIE structure was that of Sina.com in its 2000 listing on NASDAQ. Indeed the VIE structure is also commonly known as a "Sina Structure". Sina used the VIE as a workaround structure to avoid restrictions on foreign direct investment (FDI) in the value-added telecom services sector. Since then, both foreign and Chinese investors alike have replicated the VIE structure in many other sectors of China’s economy where FDI is either restricted or prohibited to foreign investors.Continue Reading Variable Interest Entity (VIE) Structure for Foreign Investment in the PRC May Face Challenge