对众多计划赴美上市的中国企业而言，VIE（可变利益实体）架构长期被视为打开国际资本市场的一把"钥匙"。尤其在互联网、教育、媒体等外资受限领 域，VIE架构通过巧妙的协议安排，既绕开了产业政策对外资直接持股的限制，又实现了在境外上市融资的目标。 然而，伴随国内外监管环境日趋严格，这一曾被广泛使用的架构，也逐渐显露出其脆弱性的一面——它究竟是助力企业腾飞的"万能钥匙"，还是潜藏系统 性风险的"阿喀琉斯之踵"？ 壹、何以成为"钥匙"？灵活性与控制权的双重优势 VIE架构的核心在于"协议控制"而非"股权控制"。境内运营实体（通常为持牌公司）与境外上市主体之间通过一系列协议（如独家服务协议、股权质押协 议、表决权委托协议等）绑定，使境外实体能够实际控制并合并境内实体的财务业绩，而无须直接持股。 这种模式的优势显而易见： 突破外资准入壁垒：在限制或禁止外资直接进入的行业（如ICP增值电信业务），企业可通过VIE架构间接实现境外融资与上市，吸引了大量国际资本支 持中国新经济发展。 正因为这些优势，VIE架构在过去二十年间成为许多企业出海上市的首选路径。 保持控制权与架构稳定：创始人及管理层可通过境外公司掌握控制权，避免因直 ...

在全球化资本的汹涌浪潮当中，VIE架构以及SPAC上市成为中企境外融资的两个关键途径。 前者是受限行业突破外资壁垒的经典方案，后者是追求快速上市的创新工具，这两者前景之争的本质是：企业对于合规稳定性与融资效率的战略选择。 到2026年后跨境监管将会更为严格，市场环境也千变万化，两种模式的优势和其局限性越发清晰可辨，企业需根据自身情况精确做出决策。 一、核心逻辑：两种模式的本质差异 VIE架构（可变利益实体）的核心是"协议控制"。 通过境外上市主体与境内运营实体签订一系列合约，避开外资准入限制，可以说是互联网、教育、传媒等敏感行业境外融资的"唯一"办法。 从阿里巴巴到腾讯音乐，众多新经济企业凭借这个架构实现了资本跨越，但其本质上是"戴着枷锁起舞"，一直会面临政策合规的不确定性。 SPAC上市（特殊目的收购公司）则是"借壳上市"的PLUS版，由专业团队发起空壳公司完成IPO募资，再通过并购未上市企业使其快速登陆资本市场。 核心优势是效率至上，上市流程3到6个月就可以完成，比传统IPO的12到18个月要快上不少，而且估值能够通过商议来确定，非常适合高增长的行业以及 急需资金的初创企业。 像LucidMotors、G ...

以下是关于香港联合交易所（港交所）IPO（首次公开募股）全流程的环节拆解及常见问题解答，覆盖从前期筹备到上市后维 护的核心问题，结合港交所《上市规则》、最新监管动态整理： 一、IPO前期筹备阶段 1. 企业为什么要选择港交所IPO？ 港交所的核心优势： 2. 港交所IPO的基本条件有哪些？ 需满足联交所《主板上市规则》第8章（普通公司）/第18A章（生物科技）/第18C章（特专科技）的核心要求，以普通公司（盈 利测试）为例： 指标 要求 盈利要求 最近3个会计年度净利润≥5000万港元（最近一年≥2000万，前两年累计≥3000万） 市值要求 ≥5亿港元（若用"市值/收入测试"则≥40亿港元+最近一年收入≥5亿港元） 公众持股量 ≥25%（若市值＞100亿港元，可降至15%-25%） 股东人数 ≥300名公众股东（其中持股≥0.01%的股东≥100名） 管理层稳定性 最近3年核心管理层基本不变 3. 生物科技公司（18A）的特殊条件？ 无需盈利，但需满足： 国际融资平台：连接全球资本（欧美、东南亚、中东资金活跃），适合中资企业"走出去"或外资企业进入亚洲； 灵活的上市制度：支持不同投票权架构（WVR）、生物科 ...

一、上市前重组阶段的税务考量 企业为满足港交所上市要求（如股权清晰、业务独立），通常需进行架构重组（如红筹/VIE/H股架构选择），此阶段税务成本 与合规性直接影响上市可行性。 1. 架构选择的核心税务影响 2. 重组中的税务优化与合规 二、上市过程中的税务合规与披露 港交所要求招股书充分披露税务风险，重点关注历史税务合规性及未来潜在税负。 1. 历史税务合规证明 港交所IPO（首次公开募股）中的税收问题是企业上市过程中需重点关注的事项，涉及上市前重组、上市合规及上市后运营等多 个阶段，且需结合香港与内地（或其他司法管辖区）的税法规则。以下从关键阶段、核心税种、常见架构税务差异及风险提示 四方面梳理： H股架构（境内注册，直接上市）： 企业保留境内主体资格，股份在香港联交所流通。税务上，境内主体的利润按25%（或15%高新税率）缴纳企业所得税； 股东分红至境外投资者（如港股通）可能涉及10%预提所得税（若符合条件可享税收协定优惠）；境外投资者减持股份的 资本利得，香港无资本利得税，但境内企业需关注间接转让财产的企业所得税（若通过境外SPV转让）。 红筹架构（境外控股，间接上市）： 企业通过境外控股公司（如开曼 ...

每经记者｜甄素静 每经编辑｜廖丹 日前，港股上市公司国锐生活（HK00108，股价3.75港元，市值120.70亿港元）公告披露重磅跨界交 易，拟通过旗下经营实体长沙雨锐健康科技有限公司，以约2.69亿元收购北京春雨天下软件有限公司 （运营春雨医生平台，以下称春雨医生）78.3%股权。此次交易采用20%现金与80%股份的支付结构， 因数字医疗业务属外商投资限制类，国锐生活将通过VIE（可变利益实体协议）合约架构实现对目标公 司的实际控制。 对于此次收购事宜，克而瑞物管分析认为，国锐生活收购春雨医生，并非计划脱离原有核心业务进行完 全转型，而是旨在构建"物业+医疗"的双轮驱动发展模式，综合本次收购的各项细节来看，其通过较低 成本获取互联网医疗的核心资源（数据、牌照），是一次典型的"防守型扩张"战略布局。 不过，《每日经济新闻》记者注意到，国锐生活此次交易背后仍隐藏着多重风险挑战。财务层面，近 年，春雨医生业绩表现并不理想，营收呈现持续下滑态势，盈利能力仍待验证，而国锐生活此次跨界收 购，能否破解双方增长困局仍有待观察。 记者注意到，国锐生活此次交易实施的核心难点在于突破外资持股限制，由于春雨医生核心业务涉及增 ...

Core Insights - The report discusses the new paradigm of Hong Kong's capital markets driven by technological empowerment and institutional innovation, focusing on the trends and regulations for mainland companies planning to list in Hong Kong by 2025 [1][24]. Listing Pathways - The report highlights the suitability of H-share direct listings and red-chip indirect listings, with a trend towards A-share to H-share conversions. It emphasizes the importance of compliance issues related to VIE structure dismantling, H-share "full circulation," and offshore trust applications [2][18]. - The new regulatory framework established in 2023 has simplified the H-share listing process and optimized the "full circulation" mechanism, providing a more efficient cross-border financing path for large state-owned and mature private enterprises [18][24]. Practical Issues - The report identifies key legal issues for companies planning to list in Hong Kong, including the design of equity incentives, tax planning, and information disclosure, which are critical for executives to manage effectively [2][20]. - The Hong Kong Stock Exchange has introduced initiatives like the "Tech Company Fast Track" to enhance the attractiveness of the market for technology firms, aiming to facilitate their listing processes [2][10]. Hot Industries - The report categorizes key industries such as hard technology, biomedicine, and new consumption, each facing unique compliance challenges. Hard tech companies must navigate intellectual property and export control issues, while biomedicine firms focus on data security and human genetic resource protection [2][22]. - New consumption enterprises face multiple compliance tests, including third-party payment regulations and store licensing management, while domestic chain enterprises must pay attention to franchise compliance and fund management [2][22]. Market Dynamics - By 2025, Hong Kong's capital market is projected to regain its position as the world's top fundraising destination, with over 90% of the companies being from mainland China, driven by institutional innovations that facilitate access to global capital [1][24]. - The report emphasizes that the new regulatory environment and the establishment of a comprehensive filing system mark a significant shift in the cross-border listing landscape, enhancing the market's appeal for innovative enterprises [24].

Core Concept - The VIE (Variable Interest Entity) structure is a mechanism that allows companies to control and consolidate financials of operating entities without direct equity ownership, playing a crucial role in enabling Chinese companies to list and raise funds overseas [1][5]. Group 1: VIE Structure Overview - The VIE structure involves establishing a Special Purpose Vehicle (SPV) outside China, which then sets up a Wholly Foreign Owned Enterprise (WFOE) in China to control domestic companies through various agreements [1]. - This structure helps companies avoid legal risks associated with domestic regulations and simplifies the process of overseas listings [1][2]. Group 2: Tax and Financing Benefits - Companies can design financing methods through multi-layered structures while retaining control and benefiting from favorable tax rates on dividends and asset transfers [2]. - The VIE structure lowers the conditions for companies to go public, allowing them to bypass policy restrictions for overseas listings [2]. Group 3: Case Studies - Case Study 1: A used car trading company utilizes a VIE structure with multiple overseas entities, including a holding company in Singapore and several WFOEs in China, to effectively control diverse business operations in the used car market [3]. - Case Study 2: A well-known online video platform has its listing entity in the U.S. and controls two WFOEs in China through various agreements, ensuring comprehensive control over its domestic operations and facilitating financing [4]. Group 4: Risks and Challenges - The VIE structure faces legal ambiguity as Chinese law has not clearly defined its status, leading to uncertainties in legal disputes [5]. - Companies must navigate tax compliance challenges due to numerous related-party transactions, which could result in penalties if not adhered to [5]. - There is a risk of weakened control since agreement-based control is less robust than equity control, potentially allowing founders to terminate agreements or transfer key assets [5]. - The potential for improper profit transfer between the listed entity and the operating entity poses a risk to investors and public shareholders [5].

Core Points - The core message of the "America First Investment Policy" is that American investors should focus on investing in the future of the United States rather than in other countries [1][2] Summary by Sections Policy Changes - The "America First Investment Policy" significantly expands the scope of the Reverse CFIUS (Committee on Foreign Investment in the United States) restrictions from three sensitive sectors (semiconductors, artificial intelligence, quantum computing) to include biotechnology, hypersonic technology, aerospace, advanced manufacturing, directed energy, and other areas influenced by China's "military-civil fusion" strategy [1][3] - The policy restricts various types of investments, including private equity, venture capital, greenfield investments, corporate expansions, and public securities trading [1][2] - It also limits funding sources, including pension funds, university endowments, and other limited partner investors [1][3] Impact on Chinese Investments - The policy may exert pressure on Chinese concept stocks (Chinese companies listed in the U.S.) from multiple angles, potentially affecting their market performance and regulatory scrutiny [2][10] - The expansion of restricted sectors under the policy indicates a more aggressive stance from the U.S. towards curbing China's technological advancements [2][4] Historical Context - The changes reflect a broader historical trend of the U.S. attempting to contain China's development in strategic industries and advanced technologies, a strategy that has been consistent since Trump's first term [4][5] Investment Environment - The "America First" label emphasizes that American capital should be directed towards U.S. industries, while investments from "friendly" nations are encouraged, contrasting with restrictions on investments from "foreign adversaries" [6][7] - The policy signals a potential increase in scrutiny for Chinese dollar funds investing in the U.S. market, which may face stricter CFIUS reviews [7][8] Regulatory Measures - The policy outlines enhanced regulatory measures for Chinese concept stocks, including stricter auditing requirements and potential risks of forced delisting if compliance with U.S. auditing standards is not met [10][11] - It emphasizes the need for thorough reviews of the auditability and corporate governance of foreign adversaries' companies listed in the U.S., particularly focusing on VIE (Variable Interest Entity) structures [14][15] Taxation Agreements - The policy raises the possibility of suspending or terminating the 1984 U.S.-China tax treaty, which could significantly increase the tax burden on economic exchanges between the two countries, impacting capital, labor, trade, and technology flows [2][17]

Core Viewpoint - The article outlines the steps for companies to prepare for an IPO on NASDAQ, emphasizing the importance of a well-structured framework and compliance with regulatory requirements, particularly in light of recent changes in approval processes for Chinese companies [4][6][18]. Group 1: IPO Process Overview - The NASDAQ listing process consists of five key stages, which typically take one to two months and are crucial for determining the success of the IPO [4]. - A red-chip structure is recommended for companies, as it allows for a robust offshore listing framework that is widely recognized by the SEC [4][5]. - The VIE structure is mentioned as an alternative for industries with foreign investment restrictions, but it faces significant approval limitations, with only three approvals per year from the Chinese regulatory body [7]. Group 2: Structural Framework - The initial step involves establishing a holding company in the Cayman Islands, which will control a Hong Kong company that, in turn, forms joint ventures or wholly foreign-owned enterprises with domestic companies [5]. - This structure facilitates offshore consolidation, fundraising, and risk isolation, creating a clear chain from the founding team to investors [6]. Group 3: Audit and Legal Compliance - Auditors can begin their work concurrently with the accounting process, which typically takes one to three months depending on the complexity of the business [7]. - Legal opinions from both Chinese and Cayman lawyers are necessary, especially for sensitive industries, to ensure full disclosure of regulatory attitudes and potential impacts [8][9]. Group 4: SEC Submission Strategy - The submission of the prospectus should be done confidentially to avoid delays caused by potential whistleblower reports, which can halt the review process [18][20]. - Companies must ensure that all risks, even minor ones, are disclosed to demonstrate responsibility to U.S. investors, as the SEC focuses on the authenticity of the information provided [12][14]. Group 5: Final Steps and Future Considerations - Once the fourth step is 30% to 50% complete, the fifth step can commence, involving due diligence by U.S. brokers and the submission of the listing application [15][16]. - Companies should consider their stock code carefully, as it can impact future global operations and fundraising efforts [17].

Core Concept - The article discusses the process and key points for establishing a red-chip structure for companies seeking to list on NASDAQ, emphasizing the need to transfer domestic operational rights to an offshore holding platform while complying with both Chinese and U.S. regulations [2][10]. Group 1: Basic Concepts and Types - Red-chip structure refers to domestic companies setting up holding companies in offshore locations (typically Cayman Islands or BVI) to list on foreign exchanges [2]. - There are two types of structures based on the control of domestic rights: pure red-chip structure and VIE (Variable Interest Entity) structure [4]. Group 2: NASDAQ IPO Red-chip Structure Setup Process - Initial preparation involves defining goals and conducting due diligence [2]. - Establishing an offshore holding structure includes setting up a Cayman company as the top-level holding entity, a Hong Kong company as an intermediary, and a WFOE (Wholly Foreign-Owned Enterprise) or VIE entity as the domestic operational entity [4][5]. - Restructuring domestic assets varies by structure type, with pure red-chip involving direct or indirect equity ownership and VIE relying on contractual agreements for control [4][9]. Group 3: Compliance and Regulatory Requirements - Compliance registration addresses foreign exchange and foreign investment issues, including necessary registrations for founders and WFOE [5][9]. - The importance of ensuring that agreements under the VIE structure comply with Chinese laws to avoid potential legal issues [10]. Group 4: Investor Introduction and IPO Preparation - Pre-IPO investors typically include private equity or venture capital funds, negotiating terms such as valuation and equity stakes [6][9]. - Preparing the NASDAQ listing application involves compiling an S-1 form that includes business descriptions, financial data, and risk factors [7][9]. Group 5: Listing and Post-Listing Arrangements - The listing process includes roadshows to attract institutional investors and finalizing the offering price based on market demand [8][9]. - Post-listing compliance requires adherence to SEC disclosure requirements and NASDAQ's ongoing listing standards [8][10]. Group 6: Key Considerations - The design of the structure must be rational, avoiding excessive SPV nesting to reduce compliance costs and regulatory risks [10]. - Tax optimization strategies are crucial, with the Cayman company offering tax neutrality and the Hong Kong company providing favorable tax arrangements [10]. - Transparency in information disclosure is essential to mitigate risks of litigation from investors regarding compliance issues [10].