在启动港交所IPO前，企业需完成VIE架构的搭建，典型结构如下： 在香港联合交易所（港交所）进行IPO时，若企业采用VIE（Variable Interest Entity，可变利益实体）架构，需遵循特定的监管要 求和备案流程。VIE架构主要用于规避中国对外商投资的限制（如互联网、教育、传媒等行业），通过协议控制而非股权控制境 内运营实体。以下是港交所VIE架构IPO的详细流程及核心要点： 一、VIE架构的适用场景 VIE架构仅适用于外资准入负面清单禁止或限制类行业（如《外商投资准入特别管理措施（负面清单）》）。企业需证明： 二、VIE架构的基本搭建流程 三、港交所IPO中VIE架构的核心流程 1. 前期准备与尽职调查 2. 港交所上市申请与文件披露 企业需向港交所提交上市申请（A1表格）及以下关键文件，其中VIE架构需重点披露： 3. 中国证监会备案（2023年新规） 根据2023年3月31日起施行的《境内企业境外发行证券和上市管理试行办法》（"备案新规"），VIE架构企业需在境外上市前向 中国证监会备案，流程如下： 境内运营实体从事的业务属于外资限制/禁止类； 无法通过股权直接投资（如设立外商独资企业WF ...

Group 1: Core Concept of VIE Structure - VIE, or Variable Interest Entity, is a financial structure that allows companies to bypass regulatory restrictions and achieve overseas financing through a series of legal agreements rather than direct equity control [3][4] - The VIE structure enables companies to maintain a domestic status while attracting foreign investment, which is crucial in sectors with foreign investment restrictions in China [5][6] Group 2: Benefits of VIE Structure - The VIE structure addresses three core challenges: circumventing foreign investment restrictions, facilitating overseas financing and listing, and providing tax optimization and flexibility [5][6] - Without the VIE structure, the current landscape of China's internet industry may not have achieved its remarkable growth [5] Group 3: Policy Evolution Related to VIE - The VIE structure has historically existed in a legal gray area, with Chinese regulators adopting a "don't acknowledge, don't deny, don't pursue" approach [6][7] - Recent regulatory changes indicate a shift from a permissive environment to a more stringent regulatory framework for VIE structures [7][8] Group 4: Classic Cases of VIE - Alibaba serves as a successful example of the VIE structure, achieving a record IPO in 2014 on the NYSE while complying with Chinese regulations [8] - Conversely, New Oriental and TAL Education faced significant challenges due to policy changes, highlighting the inherent risks of the VIE structure [8]