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1、TopicsinChineseLawANO’MELVENY&MYERSLLPRESEARCHREPORTVIEStructuresinChina:October2011WhatYouNeedtoKnowbyDavidRobertsandThomasHall*Formorethanadecade,thecaptiveAsaresult,itismoreimportantthanor“Sina-model”structure(alsoeverthatinvestorsclearlyunderstandcommonlyreferredtoasthe“variable
2、howVIEstructureswork,whytheyinterestentity,”orVIE,structure,whichareused,andtherisksinvolvedwithisthetermweuseinthisarticle)hasinvestinginacompanyusingaVIEbeenadoptedbyforeign-investedPRCstructure.Inthisarticle,wediscussthecompaniesoperatinginindustriessubjectbasiccharacteristicsand
3、underlyingtorestrictionsonforeigninvestment.TherationaleoftheVIEstructure,itsstructurehasbecomecommonplaceandisexpandeduseinrecentyears,theusedbymanyofChina’smostwellknownregulatoryhistoryandrecentregulatoryoffshore-listedcompanies,includingscrutinyofthestructure,thestructuralAlibab
4、a,Baidu,Dangdang,FocusMedia,risksinherentinitsuseandbestNewOriental,SinaandTudou.Forseveralpracticesformitigatingsuchrisks.emergingindustriesinChina,includingInternetandprivateeducation,almostallAnatomyoftheVIEStructuremajorplayershaveadoptedVIEstructurestoattractforeignventurecapit
5、alfinancingVIEstructuresaretypicallyadoptedasandcompleteoffshorelistings.partofanoffshorerestructuringofaPRCdomesticcompanyinpreparationHowever,recentinstancesoflistedforventurecapitalorprivateequitycompanieslosingcontroloftheirVIEsfinancingandeventuallistingonan(includingtheverypub
6、licdisputebetweenoffshorestockexchange.ButunlikeJackMa,thefounderandCEOofAlibaba,astraight-forwardoffshore“red-chip”andAlibaba’sothershareholdersregardingrestructuringwheretheoffshoretheAlipayVIE)andconcernsoveraholdingcompanywouldacquirethepotentialregulatoryclampdownonVIEdomesticc
7、ompany’sequityintereststructureshavecausedsignificantconcernfromitsPRCresidentfounders,inaamonginvestors.SteepdeclinesinshareVIEstructuretheoffshoreholdingpricesofoffshore-listedPRCcompaniesincompanywouldformanewwhollySeptember2011wereattributed,atleastinownedsubsidiary(“WFOE”)inChi
8、napart,toconcernsab
