Category: Policy Updates / 政策动态

Policy Updates / 政策动态, VIE Structure / VIE架构

Red-Chip and VIE Structures in China: Substance-Over-Form Scrutiny and the 2026 Offshore Listing Filing Path

China applies a substance-over-form principle to red-chip and VIE structures: the architecture cannot be used to circumvent foreign-investment admission, technology-export control, data-export and outbound-investment requirements.中国对红筹与 VIE 架构适用实质重于形式的穿透原则:架构设计不得用于规避外商投资准入、技术出口管制、数据出境与对外投资管理的要求。 The Ministry of...

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