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1、迄今最简洁的境外上市迄今最简洁的境外上市 VIE 结构说明（结构说明（Explaining VIE structures） This posting will explain the use of variable interest entities (VIEs) by U.S. listed Chinese companies. I have selected E-Commerce Dangdang, Inc. (NYSE: DANG), which listed on the NYSE late in 2010, as an example of how the VIE structure
2、 is used. I have selected Dangdang because it follows the archetypal model for VIE structures, not because it has any higher or lower risks than other companies using VIEs. 这个帖子将揭示中国上市公司的VIE架构的使用。本文以2010年晚些时候在纽交所上市的当当电子商务公司为例说明VIE架构是如何使用的。之所以选择当当，是因为该公司的VIE架构很好的贴合了该类架构的原型，而不是因为它使用VIE比别的公司有更高或更低的风险。O
3、ffshore holding companies. Like most U.S. listed Chinese companies, the actual listed company of DangDang is a Cayman Islands corporation. After the IPO, founders Peggy Yu and Guoqing Li controlled 44.1% of the voting power of the company. 离岸控股公司。像大多数在美国上市的中国公司一样，实际上市主体是一个开曼群岛公司。IPO以后，Peggy Yu(俞渝)和李
4、国庆两人控制该公司44.1%的表决权。Chinese companies that list in the U.S. mostly use a foreign incorporated company as the listed company. The exceptions are large former state-owned enterprises like PetroChina or China Life, which list the Chinese incorporated parent company. The foreign parent companies are usua
5、lly incorporated in the Cayman Islands because it is a favored location for offshore companies due to its tax-free status and established legal system that is built on English law. Some companies have used corporations formed in the British Virgin Islands or the U.S. U.S. holding companies are usual
6、ly a poor choice, since this brings the corporate group into the U.S. tax net. Such arrangements are usually an accident of history the founders having started the company in the U.S. or used a reverse merger with a U.S. shell company.在美上市的中国公司大都使用境外公司作为上市主体。例外的是一些大的前国有企业，如中国石油或中国人寿，这些公司是以境内母公司为主体上市
7、的。境外母公司经常设立在开曼群岛的原因是当地的免税待遇和以英国法为基础的确定的法律体系，这使得开曼群岛成为境外公司选址的不二选择。一些公司也使用在BVI即英属维尔京群岛设立的公司作为上市主体，而鲜有人选择位于美国的美国控股公司作为上市主体是因为整个公司集团的收入都会被强制纳税。这样的架构的安排通常是历史的偶然，除非公司创始人已经在美国开公司或者已经用一个美国壳公司反向并购其母公司。The usual way to prepare for an IPO would be to contribute the shares of the Chinese operating company to th
8、e Cayman Islands company so that the Chinese company becomes a wholly owned subsidiary of the Cayman Islands company. The big problem with that was that foreign investment is not permitted in the internet sector where Dangdang operates. There are other problems related to foreign exchange and taxes
9、that I will cover in another posting. In order to list in the U.S. (or anywhere for that matter), it was necessary for the Cayman Islands corporation to be able to consolidate in its financial statements the Chinese operations of Dangdang that were held by the founders. The Cayman company also neede
10、d a way to get access to the profits of the Chinese operations for the benefit of the shareholders. Since they could not simply transfer the Chinese company to the Cayman Island holding company, they used the VIE rules to consolidate the Chinese operations by putting in place the archetypal VIE stru
11、cture, as illustrated in this chart from their registration statement:准备IPO的通常的作法是将在中国境内运营的公司的股权转让给开曼群岛公司，由此中国境内公司变成开曼公司的全资子公司。但主要问题是中国禁止外国投资者投资当当从事的互联网产业。其他的问题包括税收、外汇和税务等。为了在美国或其他地点上市，就需要以开曼群岛为主体来合并创始人持有的当当中国的财务报表。为了股东的利益，开曼群岛公司也需要一个途径与中国公司的利润联系起来。由于他们就不能简单的将中国公司股权转让给开曼控股公司，于是他们就采用VIE方式去合并中国公司，方式就是
12、搭建一个原始的VIE架构。下图是该公司登记文件中对VIE架构的说明：VIE entities. Beijing Dangdang Kewen E-Commerce Co. Ltd. (Dangdang Kewen) is a Chinese company that is owned by Dangdangs founders, Peggy Yu Yu and Guoqing Li, who are husband and wife. Because both shareholders are Chinese citizens, Dangdang Kewen is permitted to h
13、old the licenses that are essential to the operation of Dangdang. Dangdang Kewen has a 100% owned subsidiary in Wuxi. VIE实体。北京当当科文电子商务有限公司（当当科文）是一个中国公司，期股权被创始人Peggy Yu(俞渝)和李国庆全部持有，两人是夫妻关系。因为两人都是中国居民，当当科文获准持有当当运营所必须的一系列牌照。当当科文有个位于无锡的全资子公司。WFOE entities. The Cayman Islands corporation established a Ch
14、inese subsidiary, Beijing Dangdang Information Technology Co. Ltd. (Dangdang Information). Because this entity is 100% owned by a foreign corporation, it is known in China as a wholly foreign owned enterprise (WFOE). Dangdang Information is not permitted to hold the necessary licenses to operate the
15、 business, and is not permitted to sell audio and video products in China. It does, however, conduct a significant portion of Dangdangs business in China, including , for example, handling product procurement and fulfillment operations and operating warehouses. Ideally, Dangdang Kewen would also be
16、a WFOE, but this is not permitted in the internet sector. Dangdang Information has a 99% owned subsidiary in Wuxi. WFOE实体：开曼群岛公司在中国成立了一个子公司，即北京当当信息技术有限公司（当当信息）。因为这个实体是100%的外资公司，在中国也称为外商独资企业（WFOE）。当当信息无法取得所需牌照去经营业务的，包括在中国销售音频或视频产品也是被禁止的。然而，该公司却运营着占当当相当大比例的业务，包括像采购、包装和仓储活动等。理想的架构中，当当科文也是一个WFOE，但互联网业务部门是禁止WFOE经营的。当当信息在无锡有一家持股99%的子公司。Agreements. The concept that underpins a VIE structure is that control is obtained through legal agreements rather than through share ownership.
