Policy Updates / 政策动态, VIE Structure / VIE架构
2026-09-20
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...
2026-08-30
On 14 August 2026 the CSRC's International Department published its feedback round for offshore-listing filings received 10–14 August: eight companies, several of them manufacturers planning A+H listings in Hong...
2026-08-28
A VIE is a contractual-control structure letting an offshore-listed company control and consolidate a domestic operating company without holding equity, used to bypass Negative-List foreign-ownership limits. VIE是合同控制结构，使境外上市主体无须持股即可控制并合并境内运营实体，用于绕开负面清单的外资股比限制。The 2023...
2026-08-28
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 —...
2026-08-28
Onshore enterprises must file with the CSRC before or shortly after an overseas listing; the filing covers both direct and indirect (including VIE) listings under a "substance-over-form" test.境内企业境外发行上市须向证监会备案（直接及间接上市，含 VIE），认定遵循「实质重于形式」。Indirect...
2026-08-28
Red-chip companies—offshore-held groups with PRC operating assets—are increasingly weighing a return to mainland A-share markets as a financing option.红筹企业（持有中国境内运营资产的境外控股集团）正越来越多地将回归境内A股市场作为一种融资选项加以考量。Two return pathways exist: a direct A-share issuance by a red-chip...
2026-08-28
Most VIEs sit in data-intensive sectors, so the structure collides directly with China's cross-border data-export rules administered by the CAC.多数VIE身处数据密集型行业，因此其结构会直接与国家网信办主管的跨境数据出境规则发生碰撞。Three lawful export routes exist—security assessment, standard contract, and certification—with...
2026-08-28
Every Chinese-incorporated or VIE-controlled issuer must clear a CSRC filing before any offshore listing, under rules effective since 31 March 2023.根据自2023年3月31日起施行的规则，每一家中国注册或受VIE控制的发行人在境外上市前都必须通过证监会备案。The filing is triggered the moment an issuer submits...
2026-08-28
The VIE (Variable Interest Entity) structure remains the dominant legal vehicle for foreign capital to access Chinese sectors restricted under the negative list.对于外资进入受负面清单限制的中国行业，VIE（协议控制）架构仍是主导性的法律安排。Since 31 March 2023, every domestic enterprise...