适者生存——外国投资法草案下VIE架构命运未卜(中英双语)

2015年1月19日，《中华人民共和国外国投资法（草案征求意见稿）》（“草案”）公布并公开征求意见，意见反馈截止日期至2015年2月17日。官方的草案起草说明（“起草说明”）同时颁布，着重说明立法者立法要点。草案中最重大变化之一是对VIE（可变利益实体）架构进行实际控制审查，而该等架构长久以来广为众多外国和中国投资者用来投资于中国对外商投资限制或禁止的领域。该草案明确由外国投资者控制的国内实体只能投资非禁止类产业（而在此之前，VIE架构使得外国投资者几乎能够涉足包括禁止类在内的任何产业）。

On January 19, 2015, the draft PRC Foreign Investment Law (“Draft Legislation”) was released for public opinion. Opinions will be solicited until February 17, 2015. The official explanation on the draft (“Draft Explanation”) was also published to highlight the legislators’ key points for interpretation. One of the most significant changes in the Draft Legislation is the adoption of de facto review of VIE structures (variable interest entity),which have long been a work around structure replicated by both foreign and Chinese investors in many industries where foreign direct investment is either restricted or prohibited in China. The current Draft Legislation states that domestic entities controlled by foreign investors must be engaged in non-prohibited industries (previously, VIE structures were used to enable foreign investors to invest in almost any industries, even prohibited ones).

VIE架构因新浪网2000年上市而为人所熟知，因此其又被称为“新浪架构”。在VIE架构下，一家外商独资企业（根据特定的法律或商务需求，有时是合资企业）通过协议安排以实际控制一家国内公司，而该国内公司则持有运营对外商投资限制或禁止产业所必需的许可证照。该国内实体经营所产生的利润将会回流至实际控制的外商独资企业或合资企业。这样的安排使得外国投资者能够从事于法律禁止其进入的产业。而该等VIE架构却从未明确地为中国法律所禁止或处罚。故而，尽管其法律地位模糊，VIE架构还是被外国投资者大量采用。在草案之前，没有明确的禁止性规定或任何其他立法对VIE架构进行监管。

The VIE structure is also called the “Sina Structure” because it became well known after Sina.com’s 2000 listing. Under a VIE structure, a Chinese entity holding all the necessary licenses to operate a business in the restricted or prohibited industry is de facto controlled by a wholly foreign owned enterprise (“WFOE”) (or sometimes a joint venture as per the specific legal or commercial requirements) through contractual arrangements. The profits of the domestic entity would flow back to the controlling WFOE or joint venture. This arrangement enables foreign investors to engage in Chinese industries that they would otherwise be excluded from by law. However, this VIE structure was never expressly prohibited or sanctioned under PRC law. Nevertheless, the VIE structure has been prolifically used by foreign investors despite its ambiguous legal status. There has never been an express prohibition or any other legislation seeking to regulate the VIE structure until the Draft Legislation.

草案试图通过厘清VIE架构中从事业务运作的国内实体之实际控制人身份来解决该法律不确定性问题。明确禁止通过协议和信托安排以及其他VIE架构安排规避相关的外商投资限制。

The Draft Legislation tries to address this legal ambiguity by requiring the identification of the de fact oowner of the domestic entity engaging in the business operations for the VIE.Contractual or trust arrangements and other VIE structure arrangements are prohibited to circumvent relevant foreign investment restrictions.

根据草案第一百五十八条和起草说明第三章第三节，既存的VIE架构应向外国投资主管部门申报。实质控制以及权益受益人均为最终认定VIE实际控制人身份的评估要素。不同情况适用不同的处理方式，即如果实际控制人为或者被认定为中国投资者，那么VIE架构可以继续保留而不受影响，且其正常经营活动不受干扰。如果外国投资者被外国投资主管部门最终认定为实际控制人，准入许可则需要申请，而该等许可将会根据情况可能被授予或被驳回。不幸的是，草案和起草意见就该等外国投资者在目前阶段是否有资格获取相关许可均未予明示。现有语句仅为采用个案处理方式。

Pursuant to Article 158 of the Draft Legislation and Section (iii) of Chapter 3 of the Draft Explanation,current VIE structure arrangements are subject to review by competent foreign investment authorities. The nature of control and who receives beneficial interests are factors in the final assessment of the identity of the de facto investor behind the VIE. Different approaches are provided in different scenarios,i.e. the VIE structure can be kept intact without interfering with its normal operation if the de facto investor is or is determined to be a domestic Chinese party. If foreign investor(s) is/are ultimately identified as the de facto owner by the competent foreign investment authority, application of license(s) for market access must be proceeded with and such license(s) will be granted or withheld accordingly. Unfortunately, both the Draft Legislation and the Draft Explanation are silent on whether such foreign investors are eligible for the relevant licenses at the current stage. The current language only contemplates a case-by-case approach.

尽管外国投资者实际控制的VIE架构命运未卜，新规实际上对国内投资者是一个利好，李彦宏们可以松一口气了。在中国的实际控制人将被视为等同于国内投资者（不适用外商投资产业限制或禁止）的情况下，先前VIE架构固有的内在瑕疵和潜在法律及监管风险将消失。灰色地带将不复存在，且中国的实际控制人再也无需担心得不到主管部门的支持。我们期望这类企业上市数量将继续增加，且如需要我们提供法律意见书，我们将非常乐意为这类VIE架构发表意见。此外，我们也拭目以待部分TMT产业备受瞩目的上市公司之红筹回归，尽管这还有很长的路要走。

While the fate of VIEs with foreign investors is uncertain, these new procedures are actually good news for entities with domestic investors and the Li Yanhongs will be fully relieved.The inherent defects and potential legal and regulatory risks endemic to the previous VIE model will disappear to the extent the de facto investors are domestic since they will be considered identical to domestic investors (no foreign investment restriction/prohibition will apply). They would no longer be in a grey zone and the domestic de facto investors will no longer need to worry about not having the support of authorities. We anticipate an increase in listings of these kinds of enterprises, and we are happy to comment on such VIE structures when we are requested to issue a legal opinion. Further, we can also expect the red-chip returns of some high profile TMT listed companies in the future even though there might still be a long way to go.

如上所述，该草案目的之一或许是通过认定实际投资者国籍来拆解VIE架构。根据草案，外国投资者将被赋予准入前国民待遇，且对外国投资的评估将以负面清单而非现行之正面清单方式为基础。更多的国内产业将对外国投资开放。我们认为这种方式会进一步提升经济发展的活力。但是，中国官方也对此定下了“不越线”的基调。负面清单上的产业将不会对外国投资开放，不管其采用了多少层结构和其他安排。这种思路与加强国家安全审查背后的思路是一样的。因此，未来VIE结构可能将不会那么流行了，因为外国投资者由此规避中国政府审查和监管以投资于禁止性行业的可行性更低了。

As we mentioned before, one intent of the Draft Legislation might be to shut down the VIE structure by identifying the nationality of the de facto investor. Under the Draft Legislation, foreign enterprises will be given pre-establishment national treatment and foreign investment will be evaluated with a negative list approach as opposed to the current “positive” list approach. Foreign investments will be welcome in more industries. We believe this approach would be very helpful to revitalize the economy. However, the Chinese authorities have also set a position to, “not cross the line”. Those industries listed on the negative list will not be open to foreign investment regardless of how many layers and other arrangements are implemented. This line of thinking is consistent with that behind the national security review. Therefore, the VIE structure might be less popular in the future as it will be less feasible for foreign investors to bypass government review and regulation and invest in such prohibited industries.

我们认为草案和起草说明对中国及其进一步融入世界经济将起到一个巨大的里程碑式的作用。此新提及的VIE架构审查给外国投资者设定了清晰的市场标准和指引。我们认为，负面清单将逐渐缩短，从上海自贸区（中国（上海）自由贸易试验区）负面清单的演变可窥一斑。于此相应，将会有越来越多的行业对外国投资开放。由于VIE架构一直以来广泛应用于公司的海外融资，草案对VIE架构的指引将使得该等后续开放的国内产业难以获取必要的海外资金或技术，而且亦可能使得相关并购交易止步不前或以失败而告终。因此，我们认为该等指引将是一把双刃剑。VIE架构—适应还是消亡？让我们静观其变吧。

We believe that the Draft Legislation and the Draft Explanation are big milestones for China and its further expansion into the world’s economy. This new VIE structure review sets clear market standards and guidelines for foreign investors. We understand the negative list will be shortened gradually given the evolution of the negative list of the Shanghai FTZ (China (Shanghai) Pilot Free Trade Zone). Accordingly there will be more industries open to foreign investment. As the VIE structure has been widely used to enable companies to obtain financing from overseas markets,it might become difficult for such subsequently opened-up local industries to obtain necessary overseas funding or technology, and transactions or acquisitions might falter or fail due to the proposed VIE guidelines under the draft documents.Therefore, we believe such guidelines would be a double-edged sword. VIE structures - adapt or perish? Let's wait and see what will transpire.

作者简介：

石锦娟Emilia Shi

合伙人Partner

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石锦娟律师为大成律师事务所上海办公室合伙人。

Emilia Shi is a Shanghai-based partner at Dentons.

石锦娟律师擅长私募投资、收购与兼并、境外投资、外商直接投资、房地产与建筑工程、公司治理和合规，工作语言包括中文、英文和西班牙语。石律师拥有为国际客户处理众多投融资以及复杂交易的丰富经验，包括战略架构、并购重组和公司组建等。

Ms. Shi’s practices encompass private equity investments, mergers and acquisitions, outbound investments, FDI, real estate & construction, corporate governance and compliance. She is fluent in Chinese, English and Spanish. Ms. Shi has extensive legal experience advising international clients on their various investment ventures and complex transactions in a broad range of legal matters including strategic restructuring, acquisitions and incorporation.

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