- The CSRC continues to issue offshore listing filing notices in 2026 — for example, the 4 August 2026 filing notice for Ligent Technologies via its domestic operating entity — confirming that VIE/red-chip offshore listings remain practicable under the filing system.
证监会 2026 年持续核发境外发行上市备案通知书——如 2026 年 8 月 4 日通过境内运营实体提交备案的纳真科技——确认 VIE/红筹境外上市在备案制下仍可行。
- Filing under the Trial Measures on the Filing of Overseas Securities Issuance and Listing by Domestic Enterprises applies to both direct and indirect (VIE/red-chip) issuers; VIEs must fully disclose the contractual-control structure in the filing materials.
依《境内企业境外发行证券和上市管理试行办法》，直接与间接（VIE/红筹）发行均需备案；VIE 架构须在备案材料中完整披露协议控制结构。
- The 2026 action plan and the revised strategic investment rules interact with VIE economics: cross-border share swaps now permit unlisted overseas equity as consideration for listed-company strategic investment, reshaping holding-structure choices.
2026 年行动方案与修订后战投办法与 VIE 经济实质互动：跨境换股现已允许以境外非上市股权作为上市公司战略投资对价，正在重塑持股架构选择。
- FDI classification under the negative-list application guidance follows the ultimate controller: where the ultimate controller is foreign and controls the domestic entity, the entity is treated as foreign-invested and must comply with negative-list requirements.
依负面清单适用指引，外商投资认定遵循实际控制人穿透：最终实际控制人为境外且对境内实体拥有控制权的，该实体视为外商投资企业，须符合负面清单要求。
- Data compliance remains a gate for VIE operators: cyber-security review, data-export security assessment and the CAC’s August 2026 action plan for internet enterprises apply to data-heavy platforms regardless of corporate structure.
数据合规仍是 VIE 运营主体的关卡：网络安全审查、数据出境安全评估及网信办 2026 年 8 月行动计划适用于重数据平台，与公司架构无关。
- For foreign investors holding VIE exposure, the practical checklist is: verify negative-list classification by ultimate controller, disclose fully in filing materials, keep transfer-pricing documentation aligned with arm’s-length standards, and track data cross-border obligations.
对持有 VIE 敞口的外国投资者，实操清单是：按实际控制人核验负面清单归类、备案材料完整披露、转让定价同期资料符合独立交易原则、跟踪数据跨境义务。
VIE Structures and Offshore Listing in 2026: Filing Practice, Controller-Piercing and Data Gates | VIE 架构与 2026 年境外上市：备案实践、实际控制人穿透与数据关卡
Why this matters now
On 4 August 2026, the China Securities Regulatory Commission (CSRC) issued an offshore listing filing notice for Ligent Technologies, Inc., whose domestic operating entity is Qingdao Hisense Broadband Multimedia Technology Co., Ltd., confirming that VIE/red-chip offshore listings continue to move through the filing system. Around the same period, the August 2026 issue of the Shanghai Municipal Foreign Affairs Office’s investment briefing analysed how the revised strategic investment rules and the utilisation of foreign capital action plan interact with red-chip and VIE structures, and the CAC issued its action plan for internet enterprises in August 2026 with data-related commitments. For foreign investors, founders and counsel involved in VIE structures, the 2026 picture combines a functioning filing channel, a controller-piercing admission test, evolving capital-market alternatives and a data-compliance gate that applies regardless of structure. This article sets out the current framework and the practical checklist.
The filing framework and 2026 practice
Since the 2023 reform, the CSRC filing regime covers both direct issuances (H-shares) and indirect issuances where a foreign issuer depends on domestic operating entities for its main revenue and is controlled by domestic natural persons or entities. VIE structures fall within the indirect category and must be filed. The filing materials must disclose the VIE arrangement, the core clauses of the control agreements and the compliance risks; incomplete disclosure can block the filing. The August 2026 notice follows the standard pattern: approval of up to a stated number of shares for listing on a specified exchange, reporting of major events, a post-listing report within 15 working days, and a 12-month validity period for completing the issuance. The steady stream of notices through 2026 — including the Ligent Technologies filing — demonstrates that the channel is operational for both direct and VIE structures.
Controller-piercing and the FDI classification
The application guidance for the foreign investment negative list looks through VIE structures to the ultimate controller. Where the ultimate controller is foreign (foreign natural persons, institutions, or foreign shareholding above 50% with actual decision-making power) and controls the domestic operating entity, the entity is treated as a foreign-invested enterprise and must comply with the negative list; where the ultimate controller is a Chinese national or Chinese institution and the business does not touch prohibited foreign-investment fields, the entity is not treated as foreign-invested for admission purposes and only needs the offshore listing filing. The 2025 Supreme People’s Court conference summary on foreign-related civil and commercial trials affirmed that control agreements meeting admission requirements are legally effective, while agreements circumventing admission prohibitions can be held invalid. For foreign investors in VIE structures, the classification test determines whether the operation is lawful at all.
Interaction with the revised strategic investment rules
The revised Strategic Investment Measures (effective 2 December 2024) and the 2026 action plan change the surrounding options. Cross-border share swaps now permit unlisted overseas company equity as consideration in strategic investment via targeted issuance or tender offer (except in negotiated transfer, where the overseas company must be listed). The action plan additionally allows qualified foreign equity investment institutions to participate in securities issuance of listed companies in non-related industries as strategic investors. These developments matter for VIE holders considering restructurings, exits or investments into A-share companies: the holding-structure menu is wider, but each route has its own filing and approval gate.
Data gates for VIE operators
Data compliance applies to the operating entity regardless of corporate structure. Under the Cyber Security Law, Data Security Law and PIPL, platforms processing significant volumes of personal information face cyber-security review for offshore listings (for operators with over one million users), data-export security assessment for cross-border transfers, and the CAC’s data-negative-list mechanisms in FTZs. The CAC’s August 2026 Action Plan for Promoting High-Quality Development of Internet Enterprises commits to efficiently implementing data-export security assessments, standard contracts and certification, supporting FTZs in issuing data-export negative lists, and establishing data cross-border service centres. For VIE operators, the practical consequence is that the offshore-holding structure neither creates nor removes data obligations; the data flows must be mapped and filed on their own merits.
Practical checklist for foreign investors
First, run the controller-piercing test: document the ultimate controller and confirm the business’s negative-list classification. Second, for any planned offshore listing, budget for full VIE disclosure in the filing materials and a 12-month completion validity. Third, for restructurings or investments into A-share targets, compare strategic investment (cross-border swap, tender offer) against M&A routes, and verify CSRC, MOFCOM and SAMR requirements. Fourth, maintain transfer-pricing documentation for WFOE-OPCO transactions at arm’s length, with contemporaneous files. Fifth, map data cross-border flows and confirm which of the three routes (security assessment, standard contract, certification) applies, including for HR data of expatriates. Sixth, use the Shanghai and provincial foreign affairs investment briefings and the CSRC notice stream as current-reference points.
Compliance notes
The filing notice does not constitute a determination of investment value or of the truthfulness of the filing materials; it confirms only that the filing was accepted. VIE agreements that circumvent admission prohibitions in banned fields (e.g. compulsory education, news media) carry high invalidity risk. Data obligations are structure-neutral. Finally, the regulatory landscape is evolving — the 10-Order revision and the strategic investment implementation details are pending, so transactions should be structured to tolerate rule changes.
VIE 架构与 2026 年境外上市：备案实践、实际控制人穿透与数据关卡
为什么当下重要
2026 年 8 月 4 日，中国证监会通过境内运营实体青岛海信宽带多媒体技术有限公司向纳真科技核发境外发行上市备案通知书，确认 VIE/红筹境外上市在备案制下继续推进。同期，上海市人民政府外事办公室 2026 年 8 月《上海资讯周报》分析修订后战投办法与稳外资行动方案与红筹、VIE 架构的互动；中央网信办 2026 年 8 月发布网信企业高质量发展行动计划并作出数据相关承诺。对涉及 VIE 架构的外国投资者、创始人与法律顾问，2026 年的图景是：备案通道正常运转、准入端实行实际控制人穿透、资本市场替代通道不断拓宽、以及不论架构如何都适用的数据合规关卡。本文梳理现行框架与实操清单。
备案框架与 2026 年实践
自 2023 年改革以来，证监会备案制覆盖直接发行（H 股）与间接发行（境外主体主要收入依赖境内运营实体且受境内自然人、企业实际控制的）。VIE 架构属于间接发行，必须备案。备案材料须披露 VIE 安排、控制协议核心条款与合规风险；披露不完整将阻碍备案。2026 年 8 月的备案通知书遵循标准格式：核准在指定交易所上市不超过规定数量的股份、重大事项报告义务、发行上市后 15 个工作日内报告、以及 12 个月内完成发行的有效期。2026 年持续的备案核发——包括纳真科技——表明直接与 VIE 结构的通道均正常运转。
实际控制人穿透与外商投资认定
负面清单适用指引对 VIE 架构实施穿透审查。最终实际控制人为境外（境外自然人、机构，或境外持股超过 50% 且拥有实际决策权）并控制境内运营实体的，该实体视为外商投资企业，须符合负面清单要求；最终实际控制人为中国籍自然人或中资机构、且业务不涉及外资禁止领域的，准入层面不视为外商投资，仅需办理境外上市备案。2025 年最高人民法院涉外民商事审判工作会议纪要确认，符合准入要求的控制协议具备法律效力；规避准入禁止性规定的协议可能被认定无效。对外国投资者，这一归类测试决定运营本身是否合法。
与修订后战投办法的互动
修订后的《外国投资者对上市公司战略投资管理办法》（2024 年 12 月 2 日施行）与 2026 年行动方案改变了周边选项。跨境换股现已允许在定向发行、要约收购场景下以境外非上市股权作为战略投资对价（协议转让场景除外，境外公司须为上市公司）。行动方案另允许符合条件的外资股权投资机构以战略投资者身份参与非相关行业上市公司证券发行。这些进展对考虑重组、退出或投资 A 股公司的 VIE 持有者意义重大：持股架构菜单更宽，但每条通道各有备案与审批关卡。
VIE 运营主体的数据关卡
数据合规适用于运营实体，与公司架构无关。依《网络安全法》《数据安全法》《个人信息保护法》，处理大量个人信息的平台面临：境外上市的网络安全审查（超过 100 万用户信息的网络平台运营者赴国外上市须申报）、跨境传输的数据出境安全评估，以及自贸区数据出境负面清单机制。网信办 2026 年 8 月《促进网信企业高质量发展行动计划》承诺高效实施数据出境安全评估、个人信息出境标准合同、个人信息出境认证等制度，支持自贸区制定发布数据出境负面清单，并鼓励设立数据跨境服务中心。对 VIE 运营主体，实际后果是：离岸持股结构既不创设也不消灭数据义务，数据流必须按其自身属性映射并申报。
外国投资者实操清单
其一，实施穿透测试：记录最终实际控制人并确认业务的负面清单归类。其二，任何拟议境外上市，为备案材料中的完整 VIE 披露与 12 个月完成期限做好预算。其三，对重组或投资 A 股标的，对比战略投资（跨境换股、要约收购）与并购通道，并核验证监会、商务部与市场监管总局要求。其四，为 WFOE 与 OPCO 之间交易按独立交易原则准备转让定价同期资料。其五，映射数据跨境流并确认三条路径（安全评估、标准合同、认证）适用哪一条，包括外籍员工的 HR 数据。其六，以上海及各省外办投资简报和证监会备案通知流作为最新参照点。
合规提示
备案通知书不构成对投资价值或备案材料真实性的实质性判断，仅确认备案受理。规避准入禁止领域（如义务教育、新闻传媒）的 VIE 协议无效风险高。数据义务与架构无关。最后，监管环境仍在演进——10 号令修订与战略投资实施细则尚待落地，交易结构应能容忍规则变化。
Sources
- 中国证监会国际合作司《关于 Ligent Technologies, Inc.（纳真科技公司）境外发行上市备案通知书》（2026-08-04）：https://www.csrc.gov.cn/csrc/c105984/c7653751/content.shtml
- 上海市人民政府外事办公室《上海资讯周报》涉外资讯一站式服务（2026 年 8 月第 3 期，总第 155 期，2026-08-19）：https://wsb.sh.gov.cn/ztzl/shzxzb/20260818/ce3cd5fcab334d1ea3a994e97d178583.html
- 中国证监会《商务部、中国证监会等六部门有关司局负责人就〈外国投资者对上市公司战略投资管理办法〉答记者问》：https://www.csrc.gov.cn/csrc/c100028/c7516182/content.shtml