2025年，全球资本市场的风向标似乎正在发生微妙的轮动。当港股以同比激增700%的募资额宣告"牛市回归"，当美股中概股审批重回常态化轨道，中国企 业的境外上市之路似乎再度宽阔起来。然而，硬币的另一面是，在A股IPO持续收紧的当下，已经在上市筹备路上的千军万马涌向境外上市的赛道，机遇背 后的"深水区"依然暗礁丛生：从红筹架构的穿透式监管到数据出境的合规红线，从Web3新赛道的财务审计到SPAC上市后的估值管理，每一个环节的认知偏 差都可能成为企业境外上市路上的"阿喀琉斯之踵"。 在此背景下，由中伦律师事务所、36氪、RET睿意德、氪睿丰远及容诚会计师事务所、五大机构强强联手发起的"IPO加速营"于12月17日在上海陆家嘴正式 开营，并举行了大咖云集的首场港美股IPO专题沙龙。 活动现场图 活动伊始，发起方代表中伦律师事务所资深合伙人李海容致欢迎辞，李海容律师在23年的执业过程中着眼全球视野，致力于境内外资本市场、IPO 及 SPAC 上市、海外投资及一带一路、并购重组、债务重组及破产重整、争议解决业务领域，为客户提供不同发展阶段的全方位专业法律服务，曾主办数十个境内外 上市及上市公司并购重组项目。 在开场致辞中 ...

37号文与7号文的核心差异在于适用的企业上市阶段，二者分别对应境外上市前、后的股权激励外汇管理需求，定位清晰且互不重叠。 37号文（汇发〔2014〕37号）：全称为《国家外汇管理局关于境内居民通过特殊目的公司境外投融资及返程投资外汇管理有关问题的通知》，主要适用于 企业上市前的股权激励场景，尤其针对通过特殊目的公司（SPV）搭建红筹架构的情况。其核心功能是解决境内居民个人境外持股的合规性问题，同时打 通境外投资资金调回境内的合法通道，是红筹架构下上市前股权激励的"基础合规保障"。 7号文：全称为《国家外汇管理局关于境内个人参与境外上市公司股权激励计划外汇管理有关问题的通知》，是专门规范境外上市后股权激励计划的文 件。它明确了从外汇登记到资金划转的全流程操作规则，为上市后企业开展员工股权激励提供了清晰的合规指引。 一、法律法规定位 二、登记主体与流程 三、适用对象与场景 四、资金管理与账户要求 由于适用场景不同，37号文与7号文在登记主体、办理时机及流程要求上存在显著区别，企业需根据自身阶段准确把握。 公司准备在境外上市时，若想在香港公司层面对大陆员工实施股权激励，需要申报哪些合规手续。要解答这一问题，首先需明 ...

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 ...

Core Viewpoint - Pre-IPO financing is a critical step for companies before going public, involving a series of systematic restructuring and integration to meet regulatory requirements, optimize ownership structure, and attract strategic investments [1][3]. Group 1: Definition and Purpose of Pre-IPO Financing - Pre-IPO restructuring refers to the systematic reorganization of a company's legal, ownership, business, and asset structures before an initial public offering to comply with regulatory requirements and optimize business relationships [3]. - The core purposes of Pre-IPO financing include: - Compliance: Ensuring the company structure and operations meet the legal requirements of the intended stock exchange [4]. - Clarity: Establishing a clear and well-governed listing entity with a focus on core business [5]. - Value Maximization: Divesting non-core or underperforming assets to highlight core business and profitability [6]. - Tax Optimization: Designing an efficient tax structure to reduce tax burdens during restructuring and future operations [7]. - Financing Facilitation: Creating a structure conducive to attracting private investments and facilitating future capital operations [8]. Group 2: Structural Choices for Restructuring - The choice of listing structure is the starting point for restructuring, influenced by the intended listing location, industry policies, shareholder backgrounds, and capital strategies [11]. - Types of structures include: - Domestic Structure: For purely domestic companies without foreign investment restrictions, suitable for China's A-shares [12]. - Red Chip Structure: For companies planning to list abroad or with foreign shareholders, typically involving a holding company in offshore jurisdictions [12]. - H-share Structure: Direct issuance of H-shares by domestic companies, requiring approval from the China Securities Regulatory Commission [12]. - Equity Control Model: For industries without foreign investment restrictions, where a foreign holding company directly controls domestic operations [12]. - VIE Structure: For industries with foreign investment restrictions, using agreements to achieve control and financial consolidation [12]. Group 3: Red Chip Structure and Shareholder Exit Arrangements - The core process of establishing a red chip structure involves transferring domestic rights into an offshore framework, which includes cross-border transfer of shareholder rights [14]. - Common paths for establishing a red chip structure include: - "Two-step" approach: First, introducing foreign investors to increase capital in the domestic operating company, then having the offshore holding company acquire the joint venture [14]. - Founder identity adjustment: Founders obtaining offshore identities to set up companies abroad and reinvest [14]. - VIE structure: Using agreements to control domestic companies in restricted sectors [14]. - Shareholder exit methods involve founders and management establishing offshore holding entities and completing foreign exchange registration as per regulatory requirements [16]. Group 4: Tax Considerations in Restructuring - Tax costs are critical in determining the feasibility of restructuring plans [49]. - Direct equity transfer tax liabilities include: - Corporate sellers facing a corporate income tax rate of 25% [51]. - Individual sellers facing a personal income tax rate of 20% [52]. - Indirect equity transfer tax risks focus on the red chip structure, where transferring shares of offshore holding companies may incur tax obligations if deemed to lack substantial operations [53]. - Compliance requirements include assessing whether transactions constitute taxable events and proactively reporting to tax authorities for certainty [55]. Group 5: Pre-IPO Financing Process - The Pre-IPO financing process consists of several stages: 1. **Initiation and Preparation**: Internal decisions on financing intentions, target valuations, and preparation of necessary materials [57][58]. 2. **Market Promotion and Initial Contact**: Conducting non-public roadshows to gauge investor interest and negotiate terms with potential lead investors [61][63]. 3. **Due Diligence and Agreement Negotiation**: Comprehensive due diligence covering business, financial, and legal aspects, followed by negotiations on investment agreements [64][67]. 4. **Closing and Post-Investment Management**: Meeting closing conditions, transferring funds, and initiating post-investment management activities [68][70].

来源：市场资讯 （来源：F金融） 对A股企业而言，香港联交所是链接全球资本的重要窗口。H股直接上市、红筹架构、A+H同步发行——多样路径如何选？从成熟国企到新经济独角兽， 都能找到适配方案。 政策暖风下，备案制简化流程，港交所"快速通道"加速审批。6个月完成上市、多元融资工具、全球投资者加持，这些吸引力背后，核心上市条件是什 么？架构搭建、信息披露等合规要点又该如何把控？ 本文梳理港股IPO全流程与关键规则，拆解A+H股发行核心逻辑，助企业精准把握跨境融资机遇。 01 港股IPO典型架构简述 港股IPO（首次公开募股）上市方式多样，不同方式适用于不同类型的企业（如内地企业、香港本地企业、跨国企业等），尤其是内地企业赴港上市时， 会根据自身股权结构、业务性质、融资需求等选择特定路径。以下是港股 IPO 的主要上市方式详解： （一）H股上市 H股是指注册在内地的企业（通常为股份有限公司），经中国证监会批准后，在香港联交所发行股票并上市，股票以港元计价交易。 1.适用主体： 注册在内地的企业（包括国有企业、民营企业），需符合《公司法》《证券法》及香港联交所《上市规则》，且需通过中国证监会的 "境外上市审 批"（20 ...

来源：锋行链盟 在中国香港联合交易所（以下简称"港交所"）主板上市是企业进入国际资本市场的重要途径。以下是港交所主板上市的详细流 程，涵盖从前期准备到上市后合规的全周期，结合联交所《上市规则》（Main Board Listing Rules）及常见实务操作整理： 一、前期准备阶段（Pre-IPO Preparation） 此阶段核心是明确上市可行性、搭建架构、解决合规问题，通常需要6-18个月。 1. 确定上市目标与可行性评估 2. 选聘中介机构（Professional Team） 需组建专业团队主导上市工作，核心机构包括： 3. 架构重组与合规整改 此阶段需向港交所提交正式申请文件，进入审核流程，通常需要4-6个月（含多轮反馈）。 上市主体选择：优先选择业务独立、盈利稳定、股权清晰的境内/境外实体（如红筹架构或H股架构）。 H股：境内注册企业直接赴港上市，需经中国证监会审批（《关于股份有限公司境外募集股份及上市的特别规 定》）。 红筹架构：境内企业通过境外控股公司（通常在开曼/BVI设立）间接上市，无需证监会审批（但需符合外汇登记要 求，如37号文备案）。 可行性分析：评估企业是否符合港交所主板核心上市 ...

Core Insights - Yuanrong Qixing and Haomo Zhixing, both established in 2019, are experiencing vastly different trajectories as of winter 2025, with Yuanrong Qixing showing significant growth and Haomo Zhixing facing operational stagnation [1][2]. Company Performance - Yuanrong Qixing has delivered over 200,000 vehicles equipped with its urban NOA system, achieving a market share of nearly 40% among third-party suppliers in a single month [1]. - The CEO of Yuanrong Qixing, Zhou Guang, indicated plans to accelerate production and expand into Robotaxi and overseas markets [1]. - In contrast, Haomo Zhixing announced a company-wide shutdown starting November 24, 2024, with no set date for resumption, and has faced significant layoffs and executive departures since 2024 [1][2]. Investment Landscape - Yuanrong Qixing has maintained a steady financing pace, completing six rounds of funding with a total exceeding $500 million, including a recent $100 million Series C round led by Great Wall Motors [4][5]. - The investment structure of Yuanrong Qixing evolved significantly after its Series A and B rounds, with major players like Alibaba and Dongfeng Motor Group entering as strategic investors, indicating strong industry recognition of its technology [6][7]. - Haomo Zhixing has completed seven funding rounds, but its investor landscape has shifted, with a decline in participation from prominent investors like Hillhouse Capital and Meituan, signaling a loss of confidence in its growth potential [11][12][13]. Strategic Relationships - The relationship between Yuanrong Qixing and Great Wall Motors has evolved from a client-supplier dynamic to a deeper strategic partnership, enhancing both companies' operational synergies [7]. - Haomo Zhixing, originally incubated by Great Wall Motors, has struggled to establish independent market competitiveness, leading to a significant decline in investor interest [13][15]. Future Outlook - Yuanrong Qixing's increased delivery volumes in 2025 are seen as a strong foundation for potential public listing preparations, with recent investor exits interpreted as a positive signal for its market ambitions [10]. - Haomo Zhixing's future remains uncertain, with ongoing discussions about share buybacks at previous high valuations, but disagreements on pricing reflect the company's current operational challenges [15].

中国网络安全行业正在经历一次新的周期变化。AI的全面渗透正在重塑安全体系的底层结构，云计算 的普及让攻击面迅速扩大，传统防护方式已难以跟上复杂攻击的演进节奏。行业的下一轮竞争焦点， 被普遍认为会围绕"AI主动防御" 、 "多场景安全协同" 、 "云化安全能力"等关键方向展开。 在这样的背景下，一家位于福建的云安全公司快快网络 ， 近期成为资本市场新的观察对象。 过去一年，行业内部对它的讨论显著增多。公司估值被市场人士评估为20到30亿元区间，处在比较 低位，未来还有很大的成长空间 ， 此外还有消息称 它正在 与 多家机构接触；7月份， 高层组织架 构疑似发生变动， 创始人林思弘 转而聚焦国际化和深圳业务 的消息在业内流传；另一侧，公司正在 设立新的研发中心，并加速推动激励制度变革。 这些变化单独看并不起眼，但放在一个时间轴上，就构成了一条清晰的趋势线——快快网络正在接近 资本化的临界点，甚至可能已进入更密集的准备期。 它 鲜少 公开谈论IPO，也没有对外释放任何明确信号。但无论从技术、组织、业绩还是市场环境， 快快网络都出现了一个处于"下一阶段之前"的典型特征：多项关键变量同时发生变化。 在中国云安全行业正进 ...

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 Insights - The red-chip structure has become the preferred option for Chinese companies to access overseas capital markets due to its flexible financing channels and efficient listing paths [1] Group 1: Preparation Phase - The foundation of the structure involves compliance checks and entity planning, including a thorough review of domestic assets, business qualifications, intellectual property ownership, and related party transactions to avoid equity flaws or compliance risks [3] - Companies must determine the registration location of the offshore holding entity based on the regulatory requirements of the intended listing destination, with common choices being tax-friendly regions like the Cayman Islands and British Virgin Islands (BVI) [3] - It is essential to clarify the shareholder structure in advance, specifying the equity ratios and exit mechanisms for the founding team and investors to facilitate the subsequent structure setup [3] Group 2: Core Setup Phase - The first step involves registering two layers of Special Purpose Vehicles (SPVs) in the chosen offshore region, with the top layer as the listing entity (usually registered in the Cayman Islands) and the lower layer as the holding entity (typically registered in BVI), creating a control chain of "Cayman Company → BVI Company → Domestic Entity" [3] - Control over domestic operations can be achieved through "Variable Interest Entity (VIE)" agreements or equity acquisitions, with VIE being common in light asset and foreign-restricted industries (e.g., internet, education) to transfer operational decision-making and profit rights [3] - For industries with relaxed foreign access, direct equity acquisition of domestic entities by the offshore SPV can complete the equity control loop, while ensuring compliance with foreign exchange registration (e.g., ODI filing) for cross-border fund flows [3] Group 3: Finalization Phase - The focus during this phase is on compliance review and structure optimization, requiring companies to engage cross-border legal and accounting teams to audit structural documents (e.g., articles of association, control agreements, acquisition agreements) to ensure adherence to domestic and foreign regulatory requirements [4] - Companies must also complete financial statement consolidation and tax planning to ensure the structure operates efficiently during subsequent financing and listing processes [4] - The establishment of a red-chip structure involves multiple professional fields, including cross-border law, foreign exchange, and taxation, making the process complex with a low margin for error [4]