近期,中共中央办公厅、国务院办公厅印发了《关于依法从严打击证券违法活动的意见》,提出“加强中概股监管,切实采取措施做好中概股公司风险及突发情况应对,推进相关监管制度体系建设”,由此引发了市场对境外上市的不同反应和预期,尤其是对VIE架构是否将被采取重点监管,各方都在密切观察,VIE再一次被推上热点话题。
Continue Reading 境外上市丨红筹结构解密:红筹业务问答手册(三)——改道港股,需要做出的第一个改变
A Chance to Solve the “VIE Dilemma”!
On July 16, 2020, China’s State Administration for Market Regulation (“SAMR”) cleared the merger filing in relation to the Establishment of a Joint Venture between Shanghai Mingcha Zhegang Management Consulting Co., Ltd. and Huansheng Information Technology (Shanghai) Co., Ltd. (“SMZ Case”). …
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民办教育VIE特别攻略(二)
2018年8月10日晚,司法部发布《中华人民共和国民办教育促进法实施条例(修订草案)(送审稿)》(以下简称“《送审稿》”)。作为一项效力级别较高的立法(行政法规),《送审稿》对民办教育行业的各项规定作了进一步细化,从而引起各方的高度关注。…
Continue Reading 民办教育VIE特别攻略(二)
民办教育VIE特别攻略
VIE架构下股权转让不能随便“税”
作者:叶永青 余悦 金杜律师事务所商务合规部
某日,罗总经过一番纠结,决心弃江山忘天下,把自己创建的互联网V集团100%卖给某A股上市公司。经过几轮的谈判,最终的交易价格确定为30亿元。因为公司是VIE架构,所以双方确定的最终交易方案是:买方在境外从罗总的开曼公司手里收购WFOE的母公司香港公司,同时在境内直接收购VIE公司。
Continue Reading VIE架构下股权转让不能随便“税”
工信部196号文对VIE结构互联网企业红筹回归的影响
2015年6月19日,工业和信息化部(下称“工信部”)发布《工业和信息化部关于放开在线数据处理与交易处理业务(经营类电子商务)外资股比限制的通知》(下称“196号文”)。在红筹回归广受关注的今天,业界就该文对VIE结构互联网企业的影响,特别是对拟红筹回归的互联网企业的影响投入了特别关注。
196号文颁布的背景和主要内容是什么?196号文的颁布对红筹架构互联网企业影响是什么?196号文对于拟红筹回归互联网企业有何实质意义?我们希望在本文中为大家做一简要的梳理。
Continue Reading 工信部196号文对VIE结构互联网企业红筹回归的影响
MOFCOM Approved Wal-Mart’s Acquisition of Controlling Stake in Yihaodian but Said NO to VIE Structure
By Susan Ning,Hazel YIN,and Han WU

Continue Reading MOFCOM Approved Wal-Mart’s Acquisition of Controlling Stake in Yihaodian but Said NO to VIE Structure
Updated National Security Review Rules: A Justifiable Cause of Anxiety?
By Susan Ning, Huang Jing and Yin Ranran
On 25 August 2011, the Ministry of Commerce (MOFCOM) released the MOFCOM Rules for Implementation of Relevant Issues regarding National Security Review Mechanism for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (NSR Rules). From 1 September 2011, the Rules replaces the MOFCOM Interim Rules for Implementation of Relevant Issues regarding National Security Review Mechanism for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (NSR Interim Rules) issued on 4 March 2011 (see our article entitled "MOFCOM issues national security review interim rules").
Compared with the Interim Rules, the key change we see in the NSR Rules is that MOFCOM clearly states that the authority will assess the applicability of the national security review (NSR) process from the substance and actual impact of a transaction; and that foreign investors shall not evade the NSR regime via alternative transaction structures, including but not limited to warehousing arrangements, trusts, multi-tier investments, leases, loans, contractual control, or offshore transactions, etc.Continue Reading Updated National Security Review Rules: A Justifiable Cause of Anxiety?