Vie in a nutshell by Yang Qianwu Esq., Senior Partner from Dentons Shenzhen Office, 4 Nov 2016_first edition

1. 突破限制：
Breaking the Restrictions:
VIE在中国企业跨境并购与上市中的应用
The Application of VIE in China’s Cross-border M&As and IPOs
简明指引 VIE in a Nutshell
杨乾武 律师 YANG Qianwu, Esq.
大成（深圳）律师事务所高级合伙人 Senior Partner, Dentons Shenzhen
2016年11月4日 November 4th, 2016 深圳·凯宾斯基酒店 Kempinski
www.YangQianwu.com
*有关本文的更新，欢迎浏览我们的博客
*For further update of this slideshow, please visit our blog at
http://blog.sina.com.cn/yangqianwu

2. 2
挑战者永不止步：我们在一起的美好时刻
Challengers Never Rest: The Great Moments We Had Together

3. 3
目录
第一部分 VIE概述：不确定的主流
第二部分 VIE主要风险：以合法形式掩盖非法目的之忧
第三部分 解决方案与策略
第四部分 福祸相依：《外国投资法 （草案）》后的VIE及全球趋势
第五部分 我们的不同之处
第六部分 保持联系

4. Table of Contents
4
PART I VIE Overview: The Uncertain Mainstream
PART II Major Risks: Concealing Illegal Intentions With a Lawful Form
PART III Solutions & Strategies
PART IV Mixed Blessing: VIE After the Draft FIL & the Global Trend
PART V What’s Different About Us
PART VI Stay in Touch

5. 第一部分 Part I
VIE概述：不确定的主流
VIE Overview: The Uncertain Mainstream
5

6. 6
VIE：通过一系列协议安排模仿股权控制
VIE: Mimic Ownership Through a Series of Complex Contractual Arrangements
备注：商务部发布的《关于解除沃尔玛收购纽海控股33.6%股权经营者集中限制性条件的公告》（商务部公告 [2016] 第23号）已解除2012年作出的限制。
Note: The MOFCOM released “The notice of lifting the conditions on Walmart’s acquisition of 33.6% of the shares in Newheight Holdings” (MOFCOM [2016] No.23) to lift the 2012 decision.
VIE is used ONLY
to circumvent
Chinese laws on
foreign investment
restrictions or
prohibitions
VIE was declared
illegal by the
Supreme People’s
Court in 2012
The MOFCOM
expressly
prohibited
Walmart from
acquiring Yihaodian
via VIE in 2012

7. 7
但是......
BUT…
2016年2000年
Almost all big Chinese internet names from Alibaba to Tencent that Chinese are using everyday are
structured as VIE.

8. VIE样本图
VIE Sample
8
上市主体
Listing Company
股权控制
协议控制
中国境外
中国境内
外商投资企业
（WOFE）
VIE可变
利益实体
VIE可变利益
实体持有者
独家技术服务协议
贷款协议
独家认购期权协议
代理协议
股权质押协议
Red denotes control transfer 红色部分表示控制权转移
Green denotes profit transfer 绿色部分表示利润转移
资料来源：香港联交所上市决策（HKEx-LD43-3 ），阿里巴巴公开招股说明书（SEC）
Sources: HKEx Listing Decision (HKEx-LD43-3), Alibaba Prospectus（SEC）

9. 第二部分 Part II
VIE主要风险：以合法形式掩盖非法目的之忧
Major Risks: Concealing Illegal Intentions With a Lawful Form
9

10. 第一节 Section I
Chinachem案：最高院判决VIE合同无效
Chinachem Case: The Supreme People’s Court Invalidated VIE
Arrangements
10

11. 11
Entrusting party: Chinachem Financial Services(HK)
委托方：华懋集团（香港）
(Chinachem)
Proxy: China Small and Medium Enterprise Investment Co. Ltd.
受托方：中国中小企业投资有限公司
(China SME)
China Minsheng Banking Corporation(PRC)
(Minsheng Bank / 民生银行)
Dispute of the ownership of
shares representing a 6.5%
stake of Minsheng Bank
争议事项为民生银行的6.5%
股权归属
委托投资安排：
‣ Chinachem授权给China SME投资民生银行股权
‣ Chinachem借款给China SME作为投资基金
Disputed Parities 争议双方
Entrustment arrangement 委托投资协议安排
Entrustment arrangement：
‣ China SME acted as a proxy of Chinachem to hold the shares in Minsheng Bank
‣ Chinachem lent the investment funds to China SME
Chinachem案：最高院判决VIE合同因“合法形式掩盖非法目的”无效
Chinachem Case: The Supreme People’s Court Invalidated VIE Arrangements due to “Concealing
Illegal Intentions With a Lawful Form”
资料来源 Sources：
1. 最高院民事判决书（2002）民四终字第30号（判决时间：2012年10月29日）
1. Civil Judgement of the Supreme People’s Court (Min Si Zhong Zi No.30 [2002]) (issued on 29 October,2012)
2. “In China, Concern About a Chill on Foreign Investments”, available at http://dealbook.nytimes.com/2013/06/02/in-china-concern-of-a-chill-on-foreign-investments/?_r=0 (last visited on 16th
November, 2016)

12. ‣ 《委托书》：“受托人China SME为全权代表……全权管理和行使委托人
Chinachem 在民生银行的900万美元资本金的各项权益。”
‣ 《借款协议》：“贷款方Chinachem同意向借款方China SME提供909万美元的借款
……借款用途为入股民生银行的资本金，其中股本金900万美元，另9万美元
为筹备费用；入股所得的股权相应抵押给贷款方......借款年利率以每年民生银
行的分红为准，所分红利即时转给贷款方。经贷款方确认，借款方可一次或提前
偿还借款，借款利息按借款方实际占用天数计收；如借款方出售民生银行股权必须
得到贷款方同意，其售卖收入全部作为贷款方本息即时转入贷方。”
12
最高院Chinachem案：无效的VIE与典型VIE不同
Chinachem Case: Invalid VIE Differs From a Typical One
资料来源：最高院民事判决书（2002）民四终字第30号（判决时间：2012年10月29日）
Source: Civil Judgement of the Supreme People’s Court (Min Si Zhong Zi No.30 [2002]) (issued on 29 October,2012)

13. ‣ …the Supreme Court to deem the relationship… as an entrustment relationship.
‣ Neither the power of attorney / voting right proxy agreement nor any of the other typical
VIE agreements provide that registered shareholders are holding equity
interests in the VIEs on behalf of the WFOE or its affiliate.
‣ …Chinachem expected to receive economic benefits in the form of loan
interests from the entrusted investment arrangement. …the loans are not used to
transfer economic interests from the VIE to the WFOE.
‣ It remains unknown based on the publicly available information whether the arrangement,
through which Chinachem expected to receive return for its entrusted investment in the form of
loan interests, had satisfied the required foreign exchange approval or registration procedures,
including the procedures for foreign currency loans.
13
最高院Chinachem案：无效的VIE与典型VIE不同（续）
Chinachem Case: Invalid VIE Differs From a Typical One (Cont’d)
资料来源 Source: “Baiduʼs response to the comments contained in the letter dated June 18, 2013 from SEC regarding the 2012 20-F”, available at
https://www.sec.gov/Archives/edgar/data/1415016/000114420413047258/filename1.htm (last visited on 16th November, 2016）

14. 第二节 Section II
GigaMedia案：CIETAC裁决VIE合同无效
GigaMedia Case: The CIETAC Arbitral Award Invalidated the
VIE Agreements at Issue
14

15. 15
GigaMedia Limited(Singapore)
GigaMedia （新加坡）
T2CN Holding Limited(BVI)
T2CN 控股公司（BVI）
online gaming operations 网上游戏业务运营
(Prohibited Category of Foreign Investment)
属外商投资禁止类目录
VIEs
股权控制
协议控制
CEO / Founder of OPCO
运营公司CEO / 创始人
GigaMedia’s Board
GigaMedia董事会
wished to regain control of the OpCo by asserting that the
VIE agreements were legally invalid
想以“VIE协议没有法律效力”为理由重新获得OPCO的控制权
Disputed Parities 争议双方
wished to replace the CEO(also the Founder)
想要替换中国境内运营公司CEO（也是创始人）
境外 Offshore
境内 Onshore
GigaMedia案：CIETAC裁决VIE合同因“合法形式掩盖非法目的”无效
GigaMedia Case: The CIETAC Arbitral Decisions Invalidated the VIE Agreements due to “Concealing
Illegal Intentions With a Lawful Form”
NASDAQ上市公司
NASDAQ-listed Company
备注：关于CIETAC做出的仲裁裁决，仲裁裁决保密不对外公开且不具有判例的约束性。
Note：As for the CIETAC Cases, arbitral awards are confidential and have no binding or reference effect at all.
资料来源 Sources: 1. “Fraud Heightens Jeopardy of Investing in Chinese Companies”, available at http://dealbook.nytimes.com/2012/04/24/fraud-heightens-jeopardy-of-investing-in-chinese-
companies/?_r=0 (last visited on 16th November, 2016), 2. “Gigamedia And The Perils Of VIEs. Dude, Where’s My Chop?”, available at http://www.chinalawblog.com/2011/06/vie.html (last visited
on 16th November, 2016)
T2 Technology(WOFE)

16. 网游行业 Online gaming businesses is
‣ 中国外商投资产业指导目录的禁止领域，且
classified in the prohibited category of foreign investment，and
‣ 少数被明令禁止外商以协议控制方式进行投资的行业之一 （13号文）
one of few industries where there are rules specifically prohibiting foreign investors
from controlling and participating in the business indirectly through contractual or
technical support arrangements (Circular 13)
16
法律依据 Legal Framework：
1.《合同法》（主席令[1999] 第8号）
1. The Contract Law (President Order [1999] No. 8)
2.《外商产业投资指导目录（2015）》（国家发展和改革委员会、商务部令[2015] 第22号 ）
2. The Catalogue of Industries for Guiding Foreign Investment (2015 Revision) (NDRC, MOFCOM [2015] No.22)
3. 新闻出版总署、国家版权局、全国“扫黄打非”工作小组办公室在2009年9月28日联合发布的《关于贯彻落实国务院<“三定”规定>和中央编办有关解释，进一步加强网络游戏前置审批和进口网络游戏审批管理的通知》（新
出联 [2009] 第13号）
3. The Notice Regarding the Consistent Implementation of the "Stipulations on 'Three Provisions'" of the State Council and the Relevant Interpretations of the State Commission Office for Public Sector Reform and the
Further Strengthening of the Administration of Pre-examination and Approval of Internet Games and the Examination and Approval of Imported Internet Games (Xin Chu Lian [2009] No. 13) published jointly by PRC
General Administration of Press and Publication, National Copyright Administration, and National Office of Combating Pornography and Illegal Publications on 28 September 2009
GigaMedia案：无效的VIE与典型VIE不同
GigaMedia Case: Invalid VIE Differs From a Typical One

17. ‣ Prohibition on indirect control in online game businesses by foreign investors is
stipulated in a circular (“Circular 13”) promulgated by the General
Administration of Press and Publication, the National Copyright
Administration, and the National Office of Combating Pornography and
Illegal Publications（“GAPP”）.
‣ However, Circular 13 does NOT provide any specific views on the
consequences of using of VIE structure. The practices and impact of
Circular 13 remains uncertain…We are NOT aware of any cases where
the prohibited industries were punished under Circular 13.
17
中国政府明确禁止使用VIE的行业仍使用VIE：13号文没有明确法律后果
Industries Prohibited by GAPP Still Using VIE Structure: Circular 13 Does NOT Provide Specific
Consequences
资料来源 Source: “Baiduʼs response to the comments contained in the letter dated June 18, 2013 from SEC regarding the 2012 20-F”, available at
https://www.sec.gov/Archives/edgar/data/1415016/000114420413047258/filename1.htm (last visited on 16th November, 2016）

18. ‣ Under the PRC Contract Law, a contract may be held invalid under limited
circumstances, including the “violation of mandatory provisions of the
laws,” which refers to “laws” as either laws promulgated by the PRC National
People’s Congress or its Standing Committee, or administrative regulations issued by
the PRC State Council.
‣ Circular 13 is not a “law” based on the definition set out above. The
Interpretation I of the PRC Supreme Court of Several Issues concerning the
Application of the Contract Law supports this interpretation by emphasizing that all
courts shall only rely on laws and administrative regulations to declare a contract
invalid, and must not make such judgments based on rules formulated by ministries
and commissions under the PRC State Council.
‣ Therefore, it remains questionable whether the contractual arrangements in the
CIETAC arbitral decision was properly deemed invalid.
18
中国政府明确禁止使用VIE的行业仍使用VIE：13号文不是“法律”
Industries Prohibited by GAPP Still Using VIE Structure: Circular 13 Is NOT a “LAW”
资料来源 Source: “Baiduʼs response to the comments contained in the letter dated June 18, 2013 from SEC regarding the 2012 20-F”, available at
https://www.sec.gov/Archives/edgar/data/1415016/000114420413047258/filename1.htm (last visited on 16th November, 2016）

19. 中国的司法判决和仲裁裁决不具有先例约束性。
Judicial judgments and arbitration awards are not binding precedents
in China.
19
顺便提一下......
By the way…
资料来源 Source: “Baiduʼs response to the comments contained in the letter dated June 18, 2013 from SEC regarding the 2012 20-F”, available at
https://www.sec.gov/Archives/edgar/data/1415016/000114420413047258/filename1.htm (last visited on 16th November, 2016）

20. 第三节 Section III
福建纵横高速执行案VIE合同有效：福州中院裁定
执行HKIAC仲裁裁决
The Fujian Across Express Case: The Fuzhou Intermediate Court
Enforced the HKIAC Awards Involving Valid VIE Agreements
20

21. 21
福建纵横高速执行案VIE合同有效：福州中院裁定执行HKIAC仲裁裁决
The Fujian Across Express Case: The Fuzhou Intermediate Court Enforced the HKIAC
Awards Involving Valid VIE Agreements
资料来源 ：《福建纵横高速信息技术有限公司、福建分众传媒有限公司等与史带开曼投资公司申请不予执行一案的执行裁定书》（[2014] 榕执监字第51号）
Source: Fujian Across Express Information Technology Co Ltd and others v China MediaExpress Holdings Inc (2014) Rong Zhi Jian Zi No 51
‣ 申请人认为
‣ VIE 协议规避外商投资限制
‣ 仲裁协议约定适用美国法规避中国法律
中国高速传媒控股有限公司、福建纵横高速信
息技术有限公司、福建分众传媒有限公司
（申请人 The applicants）
史带公司（开曼）
（被申请人 The respondent）
程征 Cheng Zheng
（申请人 The applicant）
‣ HKIAC在2012年12月19日作出两份仲裁裁决 （HKIAC/A11030 & HKIAC/A11098），裁决违约方赔偿史带公司因违反VIE协议产生的损失
The two HKIAC awards issued by HKIAC on 19th December, 2012 (HKIAC/A11030 & HKIAC/A11098) held the applicants to
compensate the losses incurred by the respondent
‣ 福州中院在2014年11月5日裁定执行HKIAC仲裁裁决
The Fuzhou Intermediate Court enforced the HKIAC awards involving valid VIE agreements on 5th November, 2014
申请人（福州中院）/ 被申请人（香港仲裁）
The applicants (the Fujian Intermediate Court) / The respondents (HKIAC)
被申请人（福州中院）/ 申请人（香港仲裁）
The respondent (the Fujian Intermediate Court) / The claimant (HKIAC)
‣ The applicants contended that
‣ the VIE structure adopted in the underlying transactions was
prohibited by mandatory provisions of Chinese law
‣ the arbitration agreement had applied US law with the purpose of
sidestepping mandatory provisions of Chinese law
‣ 投资者权利协议
Investor’s Rights Agreement (IRA)
‣ 股权购买协议
Share Purchase
Agreement (SPA)

22. 22
福州中院执行HKIAC裁决：不违反“公共利益”
The Fuzhou Intermediate Court Enforced the HKIAC Awards: NO Violation of “Public Interest”
‣ 对行政法规和部门规章中强制性规定的违反，并不当然构成对我国公共政策的违反。
A mere violation of government regulations would therefore be insufficient to
establish a case of violation of “public interest” or “public policy”.
‣ 法院应该关注执行结果或执行影响，而不是仲裁裁决的实体法律问题
The court should focus on the effect or consequences of enforcement, rather than on
the content of or substantive issues in the award.
资料来源 ：《福建纵横高速信息技术有限公司、福建分众传媒有限公司等与史带开曼投资公司申请不予执行一案的执行裁定书》（[2014] 榕执监字第51号）
Source: Fujian Across Express Information Technology Co Ltd and others v China MediaExpress Holdings Inc (2014) Rong Zhi Jian Zi No 51

23. 第三部分 Part III
解决方案与策略
Solutions & Strategies
23

24. 第一节 Section I
VIE结构设计要点：经验之谈
Key Considerations of Structuring a VIE: Rule of Thumb
24

25. ‣ 轻资产：尽量多的资产放到WOFE而不是VIE
Lighten VIE: WOFE, instead of VIE, holds assets as much as possible
‣ VIE管理委员会：独立监督VIE运行
VIE Management Committee: Supervising the VIE arrangements independently
‣ 符合《外国投资法（草案）》关于中国企业“实质控制”的承诺
Undertaking of de facto control by Chinese investors provided by the Draft FIL
25
VIE结构设计要点： 原则
Key Considerations of Structuring a VIE: Principles

26. 26
“实质控制”指符合以下条件之一的情形：
1. 权益高于50%：股份、股权、财产份额、表决权或者其他类似权益的
2. 权益低于50% 但：
‣ 有权直接或者间接任命该企业董事会或类似决策机构半数以上成员；
‣ 有能力确保其提名人员取得该企业董事会或类似决策机构半数以上席位；
‣ 所享有的表决权足以对股东（大）会或者董事会等决策机构的决议产生重大影响
3. 通过合同、信托等能够对该企业的经营、财务、人事或技术等施加决定性影响的
法律依据：《中华人民共和国外国投资法（草案征求意见稿）》第一百六十四条
Legal Framework: Article 164 of the Foreign Investment Law of the People’s Republic of China (draft for consultation)
VIE结构设计要点：中国企业“实际控制”（实质重于形式）
Key Considerations of Structuring a VIE: De Facto Control by Chinese Investors (Doctrine of Substance Over Form)

27. 27
"Control" refers to the circumstance that any of the following conditions is met:
1. Holding, directly or indirectly, not less than 50% of shares, equities, share of
properties, voting rights or other similar rights of the enterprise
2. Holding, directly or indirectly, less than 50% of shares, equities, share of properties, voting rights
or other similar rights of the enterprise, but falling under any of the following circumstances:
‣ Having the right to directly or indirectly appoint not less than half of the members of the
board of directors or other similar decision-making body of the enterprise
‣ Having the ability to ensure that its nominees occupy not less than half of the seats on
the board of directors or other similar decision-making body of the enterprise
‣ Holding voting rights sufficient to impose significant impacts on any resolution of the
board of shareholders, at the general meeting of shareholders, or of the board of directors or
other decision-making body of the enterprise
3. Imposing decisive impacts on the operation, finance, personnel or technology of the enterprise by
contract, trust, or other means
VIE结构设计要点：中国企业“实际控制”（实质重于形式）
Key Considerations of Structuring a VIE: De Facto Control by Chinese Investors (Doctrine of Substance Over Form)
法律依据：《中华人民共和国外国投资法（草案征求意见稿）》第一百六十四条
Legal Framework: Article 164 of the Foreign Investment Law of the People’s Republic of China (draft for consultation)

28. 28
‣ 股份超过50%的股东保留中国国籍承诺
Undertaking of the shareholders holding more than 50% of shares of the listing
entity for keeping PRC nationality
‣ 受让人中国国籍限制
Restriction of transferee’s PRC nationality
‣ 配偶承诺
Spouse undertaking
‣ 一致行动人决议
Resolutions of persons acting in concert
VIE结构设计要点：作出符合中国企业“实质控制”的相关承诺
Key Considerations of Structuring a VIE: Undertakings of De Facto Control by Chinese Investors Provided by the Draft FIL

29. 第二节 Section II
VIE合同设计要点：经验之谈
Key Considerations of Drafting a VIE: Rule of Thumb
29

30. ‣ 仲裁条款：选择法治成熟的国家或地区作为仲裁地（例如：香港）
Arbitration clause: choosing a country or region with developed rule of law
(e.g., Hong Kong) as the Seat of Arbitration
‣ 准据法：选择普通法（例如：美国）
Governing Laws: choosing common law (e.g., United State)
‣ 独立的违约金条款：不受合同整体效力的影响
Several liquidated damages clause: Survival of an invalid VIE agreement
30
VIE合同设计要点：原则
Key Considerations of Drafting a VIE Contract: Principles

31. ‣ 准据法的选择需遵守以下几个原则
The following rules shall be followed when choosing governing law
‣ 不得规避我国强制性或者禁止性法律规范
NO circumvention of mandatory provisions of laws
‣ 不得损害国家“公共利益”
NO violation of “public interest”
31
VIE合同设计要点：准据法选择
Key Considerations of Drafting a VIE Contract: Governing Laws
法律框架 Legal Framework：《最高院关于贯彻执行﹤民法通则﹥若干问题的意见（试行）》（法(办)发[1988]6号） 第194条；《民法通则》（全国人大常委[1987]）第150条；《最高院关于内地与香港
特别行政区相互执行仲裁裁决的安排》（法释[2000]3号 ）第7条

32. 但是，在仲裁裁决的执行中，对行政法规和部门规章强制性规定的违反并不
当然构成对我国“公共利益”或“公共政策”的违反。
However, a mere violation of government regulations would therefore
be insufficient to establish a case of violation of “public interest” or
“public policy” in the context of enforcement of an arbitral award.
32
VIE合同设计要点：准据法选择（续）
Key Considerations of Drafting a VIE Contract: Governing Laws (Cont’d)
法律框架 Legal Framework：最高院《对海口中院不予承认和执行瑞典斯德哥尔摩商会仲裁院仲裁裁决请示的复函》（民四他字 [2001] 第12号 ）

33. 第三节 Section III
案例研习：阿里巴巴
Case Study: Alibaba
33

34. 案例研习：阿里巴巴
Case Study: Alibaba
‣ 阿里巴巴于2014年9月19日在美国上市，募集250亿美元，迄今为止全球最大IPO
Alibaba’s blockbuster IPO was debuted on 19 September 2014 and had raised a total
amount of US$25 billion. It is ranked as the world’s biggest IPO to date.
‣ 阿里巴巴使用VIE结构上市
The Alibaba listing was operated under the VIE structure
‣ 大部分资产由WOFE持有以降低投资者的投资风险
The listing had mitigated investors’ risks by holding most of its assets in the foreign-owned
part of its business
‣ 阿里巴巴的国内运营公司（VIE）只持有集团资产7.5% 及产生11.9%的收益
Alibaba’s PRC operating companies hold only 7.5% of the group’s assets and generate
11.9% of its revenue.
‣ 减少国内OPCOs股东滥用的风险
Reduce risk of abuse by the PRC operating companies’ shareholders
34

35. 第四部分 Part IV
福祸相依：《外国投资法（草案）》后VIE及全球趋势
Mixed Blessing: VIE After the Draft FIL & the Global Trend
35

36. 举世瞩目《外国投资法（草案）》：VIE巨变在即
The Draft FIL: VIE’s Sea Change on the Horizon
36
“That is likely to be a boon for Alibaba Group Holding Ltd. and Chinese
Internet companies like it, investors, executives and lawyers say. But for foreign
shareholders of those companies as well as Western Internet firms trying to
operate in China, the rules could be a double-edged sword.”
资料来源 Source: “How China’s Draft Rules May Affect Foreign Investors”, available at http://www.wsj.com/articles/how-chinas-draft-rules-may-affect-foreign-investors-1422412416(last visited on
16th November, 2016）

37. 第一节 Section I
《外国投资法（草案）》后的VIE
VIE After the Draft FIL
37

38. 《外国投资法（草案）》对既存VIE的三种可能性处理
Impact on the Existing VIE Structure by the Draft FIL: 3 Possible Options
1. 实施协议控制的外国投资企业，向国务院外国投资主管部门申报其受中国投资者实
际控制的，可继续保留协议控制结构，相关主体可继续开展经营活动；或者
2. 实施协议控制的外国投资企业，应当向国务院外国投资主管部门申请认定其受中国
投资者实际控制；在国务院外国投资主管部门认定其受中国投资者实际控制后，可继
续保留协议控制结构，相关主体可继续开展经营活动；或者
3. 实施协议控制的外国投资企业，应当向国务院外国投资主管部门申请准入许可，国
务院外国投资主管部门会同有关部门综合考虑外国投资企业的实际控制人等因素作出
决定。
38
资料来源：《关于<中华人民共和国外国投资法（草案征求意见稿）>的说明》第三条
Source: Article 3 of the Notes to the Foreign Investment Law of the People's Republic of China (Draft for consultation)

39. 1. where a foreign-invested enterprise that implements VIE structure declares to the
competent authority of foreign investment under the State Council its actual control by
Chinese investors, it may continue to retain the VIE structure and the relevant subjects
may continue to carry out operating activities; or
2. a foreign-invested enterprise that implements VIE structure shall apply to the competent
authority of foreign investment under the State Council to determine its actual control by
Chinese investors; after the competent authority of foreign investment under the State
Council determines its actual control by Chinese investors, it may continue to retain the
VIE structure and the relevant subjects may continue to carry out operating activities; or
3. a foreign-invested enterprise that implements VIE structure shall apply to the competent
authority of foreign investment under the State Council for access permission and the
competent authority of foreign investment under the State Council in concert with the
relevant departments will make a decision after comprehensively considering the actual
controller of the foreign-invested enterprise and other factors.
39
《外国投资法（草案）》对既存VIE的三种可能性处理
Impact on the Existing VIE Structure by the Draft FIL: 3 Possible Options
资料来源：《关于<中华人民共和国外国投资法（草案征求意见稿）>的说明》第三条
Source: Article 3 of the Notes to the Foreign Investment Law of the People's Republic of China (Draft for consultation)

40. ‣ 本质上溯及既往
Ex post facto law in nature
‣ 剥夺公民权法案
A bill of attainder
‣ 损害合同义务
Impairs the obligation of contracts
‣ 剥夺既得权利
Divests vested rights
‣ 宪法禁止
Constitutional prohibition
40
《外国投资法（草案）》后既存VIE合法性的宪法思考：法不溯及既往及例外
Constitutional Considerations on the Possible Effect of the Draft FIL Regarding the Legality of
the Existing VIE: Strict Exceptions to Ex Post Facto Law

41. 第二节 Section II
VIE的全球趋势
The Global Trend Regarding VIE
41

42. 全球态度：HKEx
The Global Attitude: HKEx
42
‣ 16A. For the avoidance of doubts, where restricted businesses are involved, the use of Structured
Contracts are permitted ONLY to address the foreign ownership
restriction, e.g. foreign investors can only operate the restricted businesses under joint
ventures with the foreign portion of the total investment and hence shareholding below 50%.
‣ Following publication of the consultation draft of the new PRC Foreign Investment Law by the
Ministry of Commerce in January 2015, concerns over the legality and validity of Structured
Contracts to hold interests in PRC businesses which are subject to foreign ownership
restrictions may be heightened. Applicants which use Structured Contracts to hold interests in
PRC businesses are encouraged to contact the Exchange at the earliest
possible opportunity to seek informal and confidential guidance.
资料来源：香港联交所上市决策（HKEx-LD43-3 ）
Sources: HKEx Listing Decision (HKEx-LD43-3)

43. Refer to the Hong Kong Stock Exchange requirements
43
全球态度：UKLA
The Global Attitude: UKLA

44. 44
‣ The ASIC review highlighted concerns about the legal status of VIEs in
China and the enforceability of key contractual
arrangements by foreign investors.
‣ While the moratorium is in place NSX will refuse to accept applications
from Issuers using a VIE structure.
资料来源 Source: “IPO VARIABLE INTEREST ENTITIES – MORATORIUM ON IPOS”, available at https://www.nsxa.com.au/documents/practice_notes/PN11-ForeignIssuers.pdf (last visited on
16th November, 2016)
全球态度：NSX
The Global Attitude: NSX

45. 45
“The federal system is very much a non-merit based regulatory
system…It effectively takes the position that you can sell anything
you want, as long as you disclose it accurately.”
David Martin
Former head of the SEC’s division of corporation finance
全球态度：NYSE & NASDAQ
The Global Attitude: NYSE & NASDAQ
资料来源 Source: “Alibaba’s Behemoth IPO Making Few Ripples in Washington”, available at https://www.bloomberg.com/news/articles/2014-07-10/alibaba-nears-sec-assent-as-biggest-ipo-
doesn-t-disturb (last visited on 16th November, 2016)

46. 第五部分 Part V
我们的不同之处
What’s Different About Us
46

47. 47
我们的不同之处
What’s Different About Us
我们的团队来自全球最大且唯一的多中心律师事务所，我们致力于整合大成全球金融及资本市
场经验、智慧及资源，提升本土服务水平，为客户提供全球一站式金融及资本市场法律服务。
As a team from the largest and the only polycentric global law firm, our team is committed to
consolidating Dentons’ global experience, wisdom and resources in capital markets to improve
local services and provide one-stop legal services to our clients.

48. 48
余金
律师
法学硕士，爱丁堡大学
法学学士，武汉大学
会计学学士，武汉大学
YU Jin
Associate, attorney-at-law
LLM, The University of Edinburgh
LLB, Wuhan University
BACC, Wuhan University
周誓超
律师助理，实习律师
法学硕士，南京大学
法学学士，南京理工大学
英语专业学士，南京理工大学
ZHOU Shichao
Associate, trainee lawyer
LLM, Nanjing University
LLB, Nanjing University of Science and Technology
BA, Nanjing University of Science and Technology
林力斐
律师助理，实习律师
法学硕士，伦敦大学玛丽女王学院
法学学士，华南师范大学
LIN Lifei
Associate, trainee lawyer
LLM, Queen Mary University of London
LLB, South China Normal University
崔灏
律师助理，香港律师资格
法学博士，香港城市大学
法学学士，武汉大学
英语专业学士，武汉大学
CUI Hao
Associate , HK CityU PCLL
JD, City University of Hong Kong
LLB, Wuhan University
BA, Wuhan University
致谢团队成员
Acknowledgments to My Team
如下团队成员对本PPT亦有贡献
The following team members also contribute to this slideshow

49. 49
‣ 香港大学（法学硕士） LLM, The University of Hong Kong
‣ 清华大学（法学学士） LLB, Tsinghua University
‣ 东北财经大学（经济学学士）BA in Economics, Dongbei University of Finance and Economics
杨乾武律师是大成律师事务所深圳办公室的高级合伙人，主要专注于境内外上市、并购
与中外合资、新三板等境内外资本市场业务。杨律师的企业客户包括顶级世界五百强企
业和中国著名上市央企，服务过的行业包括TMT、新能源、体育、智能制造及地产。杨
律师擅长为客户提供创新的法律解决方案。
Mr. YANG Qianwu is a senior partner of Dentons Shenzhen. His practice primarily
focuses on IPO, M&A, Joint Venture, New Third Board Listing and other capital
markets matters. Mr. Yang’s corporate clients include top Fortune 500 companies and
prestigious state-owned enterprises. He has advised clients in the industries of TMT,
new energy, sports, intelligent manufacturing and real estate. Mr. Yang has pioneered
the use of state-of-the-art legal solutions for clients.
演讲者简介：杨乾武 律师（一）
About the Speaker: YANG Qianwu, Esq.(1)

50. ‣ 为一家著名上市央企车企与一家著名世界五百强车企设立合资公司提供包括谈判支持、交易文件起草和
审核、反垄断审查等事务提供法律顾问服务
‣ 为一家双向无线对讲产品设计与制造企业在香港联交所创业板上市提供保荐人中国法律顾问服务
‣ 为一家成衣供应链管理公司在香港联交所主板上市提供保荐人中国法律顾问服务
‣ 为一家O2O电子商务企业在英国证券交易所主板上市提供中国法律顾问服务
‣ 为十家以上公司“新三板”挂牌、定向增发、做市、股权激励等事务提供资本市场法律顾问服务
‣ 为一家知名深圳上市公司收购一家国内企业和几家欧洲企业提供法律顾问服务
50
代表项目 Selected Representations
演讲者简介：杨乾武 律师（二）
About the Speaker: YANG Qianwu, Esq.(2)

51. ‣ Counsel to a prestigious public state-owned automobile enterprise in a joint venture set-up project with a
top European automobile enterprise
‣ Counsel to a two-way radio product design and manufacture company listed on GEM of Hong Kong
Stock Exchange
‣ Counsel to an apparel supply chain manage company listed on the Main Board of Hong Kong Stock
Exchange
‣ Counsel to a Shenzhen headquartered O2O e-commerce company listed on the Main Market of the
London Stock Exchange
‣ Counsel to NEEQ listing, private placement, market-making, equity incentive and other capital markets
law matters of more than 10 companies
‣ Counsel to a well-known Shenzhen A-share listed company's acquiring a Shenzhen private company
and several European companies
51
代表项目 Selected Representations
演讲者简介：杨乾武 律师（二）
About the Speaker: YANG Qianwu, Esq.(2)

52. ‣ 主讲人，《中德并购：机会、挑战与方案》，“新三板服务中心跨境并购专题讲座”，新三板服务中心，深圳，2016年9月5日
‣ 主讲人，《中国公司跨境并购：机会、挑战与方案》，“华融大成跨境并购专题讲座”，华融证券，深圳，2016年7月19日
‣ 主讲人，《外国投资法（草案）解析》，“PEO年度财经论坛”，普研，深圳，2016年1月17日
‣ 主讲人，《体验注册制：境外上市的律师经验和启发》，“澳、美、英、中律师境外上市专题讲座”，深圳市律师协会，深圳，2015年12月
31日
‣ 主讲人，《并购概述：机会、挑战与指引》，“2015中国企业兼并与收购高级实战班”，中国风险投资研究院，2015年11月19日
‣ 主讲人，《涉外并购尽职调查的五条戒律：尽职调查清单外的道与术》，“中德并购论坛”深圳律师协会主办，2014年10月17日
‣ 主讲人，《外商投资进入中国的最优门户：深圳前海在外商投资方面的最特别法治环境简析》，瑞士国际商学院与北京大学汇丰商学院论
坛，深圳，2013年3月1日
‣ 主讲人，《我的律师之道：中国法治的真相与传说》，“如何缔造全球法律部：中美视角”论坛，纽约州律师协会与北京大学国际法学院联
合主办，深圳，2013年1月10日
‣ 主讲人，《涉外律师之道：源自父亲的法治理想》，清华大学法学院，深圳，2011年9月10日
‣ 主讲人，《法治是一个信仰问题：我为什么坚信法治的力量》，深圳律师协会与北京大学国际法学院论坛，深圳，2011年6月11日
‣ 主讲人，《中小企业上市、新三板挂牌及定向增发重点问题解读》，深圳市上市办与龙华新区经济服务局企业培训，深圳，2015年4月1日
52
专业视角 Insight
演讲者简介：杨乾武 律师（三）
About the Speaker: YANG Qianwu, Esq.(3)

53. ‣ Speaker, “Sino-German M&A: Opportunities, Challenge & Solutions”, Cross-border M&A Symposium of New Third Board Services
Center, Shenzhen, September 5, 2016
‣ Speaker, “Chinese Companies Cross-border M&A: Opportunities, Challenge & Solutions”, Huarong Dentons Cross-border M&A
Symposium, Shenzhen, July 19, 2016
‣ Speaker, “Mixed Blessing: VIE After the Draft FIL & Solutions”, PEA Capital Market Symposium, Shenzhen, January 17, 2016
‣ Speaker, “The Experience & Enlightenment of Cross-Border IPO Lawyers”,The Experience of Cross-border IPO Lawyers from
Australia, America, British and China, Shenzhen Bar Association, Shenzhen, December 31, 2016
‣ Speaker: “M&A in a Nutshell, Opportunities, Challenges & Guidance”, 2015 China M&A Advanced Training Program, China Venture
Capital Research Institute，November 19, 2015
‣ Speaker, “The Five Commandments of Due Diligence for M&A in China: Doctrines & Techniques Beyond the Checklist", Sino-
Germany M&A Forum, Shenzhen Bar Association, Shenzhen, October 17, 2014
‣ Speaker, “The Most Preferential Entrance to China for Foreign Investment: a Nutshell of the Most Special Law Environment for
Foreign Investment in Qianhai, Shenzhen", The International Institute for Management Development Business School of Switzerland
& HSBC Business School of Peking University Forum, Shenzhen, March 1, 2013
‣ Speaker, “Lawyering My Way: The Myths & Truth of China's Rule of Law”, Creating a Global Law Department: China and U.S.
Perspectives Forum, New York State Bar Association & School of Transnational Law, Peking University, Shenzhen, January 10, 2013
‣ Speaker, “The Way of an International Chinese Lawyer: The Ideal of Rule of Law From My Father”, Tsinghua Law School, Shenzhen,
September 10, 2011
‣ Speaker, “Rule of Law Is a Matter of Belief: Why I Believe in the Rule of Law in China”, Forum of School of Transnational Law of
Peking University & Shenzhen Bar Association, Shenzhen, June 11, 2011
‣ Speaker, “Guideline on Key Issues About SMEs' IPO, NEEQ Listing & Private Placement”，Shenzhen IPO Office & Longhua New
District Economic Development Bureau, Shenzhen, April 1, 2015
53
专业视角 Insight
演讲者简介：杨乾武 律师（三）
About the Speaker: YANG Qianwu, Esq.(3)

54. 保持联系
Stay in Touch
54
杨乾武律师微信二维码
YANG Qianwu’s WeChat QR Code
yangqianwu@gmail.com
yangqianwulaw
qianwu.yang@dentons.cn
杨乾武律师
杨乾武律师

55. © 2016 Dentons. Dentons is a global legal practice providing client services worldwide through its member firms and affiliates. This publication is not designed to provide legal
or other advice and you should not take, or refrain from taking, action based on its content. Please see dentons.com for Legal Notices.
Dentons is the world's first polycentric global law firm. A top 20 firm on the Acritas 2016 Global Elite Brand Index, the Firm is
committed to challenging the status quo in delivering consistent and uncompromising quality and value in new and inventive
ways. Driven to provide clients a competitive edge, and connected to the communities where its clients want to do business,
Dentons knows that understanding local cultures is crucial to successfully completing a deal, resolving a dispute or solving a
business challenge. Now the world's largest law firm, Dentons' global team builds agile, tailored solutions to meet the local,
national and global needs of private and public clients of any size in more than 125 locations serving 50-plus countries.
www.dentons.com.
了解更多 Know More
www.dentons.com