作者: 牟蓬  王宁远  金杜律师事务所证券业务部

民办教育行业海外上市的风潮方兴未艾。据网上登载的一则统计,截至2017年底,已有18家民办教育行业的中概股于香港和美国上市,市值已达3013亿元。从早年的新东方和海亮教育,到近期新华教育、博实乐教育、中教控股、成实外教育、睿见教育、宇华教育、新高教等的上市案例来看,VIE架构仍然是民办教育发行人用以实现海外上市的普遍选择。


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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。
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作者:龚牧龙 赵晓红 蔺志军 金杜律师事务所证券

untitleduntitled2015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。 
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 By Susan Ning,Hazel YIN,and Han WU 

On 13 August 2012, the Ministry of Commerce (“MOFCOM”) approved Wal-Mart Stores Inc(“Wal-Mart”)’s proposed acquisition of 33.6% share of Niu Hai Holdings (“Niu Hai”),which enables Wal-Mart to have a controllin stake in the online direct sales business of Yihaodian, the largest e-supermarket in China.1 The approval is not without conditions,though.It is the fifth conditional merger clearance decision (“Decision”)MOFCOM issued in 2012 and the first conditional clearance relating to the online retail sector.
 Review Process
 
 MOFCOM received notification of the transaction on 16 December 2011 and officially accepted it on 16 February 2012.
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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.


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