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一文读懂红筹架构 Red Chip Structure Explained 作者：张培坤 | Author: Peikun Zhang 一 / 前言 Introduction 上期回顾（点击下方链接查看） 从我的上一篇文章中可以看出，阿里巴巴集团控股有限公司采用的是可变利益实体（Variable Interest Entity, VIE）模式。这种结构使得阿里巴巴在开曼群岛注册的公司能够在美国纳斯达克进行上市。同时，根据合同的规定，其在中国大陆的运营实体受到控制，并且这些实体的所有收益都可以按照合同的约定转移至其在开曼群岛注册的公司。这一架构为阿里巴巴集团的国际业务和资本运作提供了法律和财务的便利。 As indicated in my previous article, Alibaba Group Holding Limited employs the Variable Interest Entity (VIE) model. This structure allows Alibaba’s company registered in the Cayman Islands to list on the NASDAQ in the United States. Additionally, as stipulated by contracts, its operational entities in mainland China are controlled, and all their revenues can be transferred to its company registered in the Cayman Islands in accordance with these agreements. This framework provides legal and financial conveniences for Alibaba Group's international operations and capital activities. 与可变利益实体（VIE）模式同样流行的还有红筹架构模式。构建红筹架构的初步步骤与VIE架构的设置过程类似，这包括成立英属维尔京群岛（BVI）公司、开曼群岛公司、香港公司，以及在中国境内设立外商独资企业（Wholly Foreign-Owned Enterprise, WFOE）。这些步骤为企业在国际市场上的运作和资本流动提供了必要的结构基础。 Equally popular as the Variable Interest Entity (VIE) model is the Red Chip structure. The initial steps to establish a Red Chip structure are similar to those of setting up a VIE structure, which includes forming companies in the British Virgin Islands (BVI), the Cayman Islands, Hong Kong, and establishing a Wholly Foreign-Owned Enterprise (WFOE) within mainland China. These steps provide the necessary structural foundation for businesses to operate and facilitate capital flows in international markets. 二 / 红筹的特点以及其与VIE的区别 Characteristics of the Red Chip Structure and its Differences from the VIE Structure 红筹与VIE的主要区别在于最终的操作步骤。在VIE模式中，外商独资企业（WFOE）会签署一系列协议来控制位于中国大陆的实际运营实体，即VIE公司，从而实现利润的转移。VIE公司的股东通常是中国大陆的自然人或机构。这些协议可能包括但不限于贷款协议、股权质押协议、独家顾问服务协议、资产运营控制协议、认股权协议以及投票权协议等。这一系列协议确保了WFOE对VIE公司的控制，使其能够合法有效地管理利润流向。 The main difference between the two lies in the final operational steps. In the VIE model, the Wholly Foreign-Owned Enterprise (WFOE) signs a series of agreements to control the actual operating entity located in mainland China, namely the VIE company, thus facilitating the transfer of profits. The shareholders of the VIE company are usually natural persons or institutions from mainland China. These agreements may include, but are not limited to, loan agreements, equity pledge agreements, exclusive consulting service agreements, asset operation control agreements, share subscription agreements, and voting rights agreements. This suite of agreements ensures that the WFOE maintains control over the VIE company, allowing it to legally and effectively manage the flow of profits. 在红筹模式中，外商独资企业（WFOE）不是通过一系列协议来控制中国大陆的实际经营实体，而是通过直接持有股份的方式来控制这些实体。这种方式使得WFOE能够直接影响中国大陆实体的经营决策和利润分配。 In the Red Chip model, the Wholly Foreign-Owned Enterprise (WFOE) does not control the actual operating entities in mainland China through a series of agreements, but rather through direct shareholding. This method allows the WFOE to directly influence the management decisions and profit distribution of the entities in mainland China. 由此，本文总结了红筹架构公司的一些核心特征。 This article summarizes some of the main characteristics of Red Chip structure companies. 1. 红筹架构由两大部分组成：海外控股公司和中国运营实体。控股公司通常在海外注册，例如在开曼群岛，这样可以利用政策的稳定性和税务优惠。同时，设立在海外的控股公司使外国投资者能够通过购买股票间接投资于中国企业。尽管控股公司位于海外，但公司的实际业务运营、生产和管理活动主要在中国境内展开。 The Red Chip structure consists of two main components: an overseas holding company and a Chinese operational entity. The holding company is usually registered abroad, such as in the Cayman Islands, to take advantage of policy stability and tax benefits. Additionally, the overseas holding company allows foreign investors to indirectly invest in Chinese enterprises by purchasing its stocks. Although the holding company is based overseas, the actual business operations, production, and management activities of the company primarily take place within China. 2. 海外控股公司通过外商独资企业WFOE间接持有中国运营实体的股份。 The overseas holding company indirectly holds shares in the Chinese operating entity through the Wholly Foreign-Owned Enterprise (WFOE). 3. 在红筹架构中，中国的运营实体由WFOE控制，其全部或绝大部分收入被纳入境外上市公司的合并财务报表中。这种做法与VIE架构相似，都旨在通过合并报表反映公司整体的财务状况。 In the Red Chip structure, the Chinese operating entity is controlled by a WFOE, and most or all of its revenue is included in the consolidated financial statements of the overseas listed company. This practice is similar to the VIE structure, both aiming to reflect the overall financial condition of the company through consolidated statements. 4. 拥有红筹架构特点的公司能够在国际股票市场上市，例如美国的纳斯达克、纽约证券交易所，以及香港股票交易所，从而接触到更广泛的资本来源。 Companies with Red Chip structure characteristics can be listed on international stock markets, such as NASDAQ and the New York Stock Exchange in the United States, as well as the Hong Kong Stock Exchange, thereby accessing a broader source of capital. 5. 红筹架构公司的控股公司设在海外，通过外商独资企业（WFOE）间接持有中国运营实体的股份，因此中国大陆对外资投资的限制政策及其不确定性对公司运营有所影响。相较而言，采用VIE架构的公司控股的WFOE并不直接持有中国运营实体的股份，而是通过合同协议进行控制。因此，在中国大陆对外资投资施加限制的情况下，VIE架构下的公司受到的影响相对较小，提供了更大的灵活性和迂回操作的空间。 Red Chip structured companies have their holding companies overseas and indirectly hold shares in Chinese operating entities through Wholly Foreign-Owned Enterprises (WFOE). Hence, the restrictions and uncertainties of Mainland China's foreign investment policies can impact their operations. In contrast, companies using the VIE structure do not directly hold shares in Chinese operating entities through their controlled WFOEs but manage control via contractual agreements. Therefore, under the restrictions on foreign investments in Mainland China, companies under the VIE structure experience less impact and have greater flexibility and scope for indirect operations. 三 / 红筹架构案例 The Case Study of Red Chip Structures 在我的上一篇文章中提到，中国大陆对外国投资在增值电信服务领域实施了限制，这包括互联网内容提供商（Internet Content Provider, ICP）的运营。因此，阿里巴巴只能通过全外资企业、控股企业和可变利益实体（VIE）来在中国开展互联网业务以及其他受外资限制或禁止的业务。 In my previous article, I mentioned that Mainland China imposes restrictions on foreign investment in the field of value-added telecommunications services, including the operation of Internet Content Providers (ICP). Therefore, Alibaba can only conduct internet business and other businesses restricted or prohibited for foreign investment in China through wholly foreign-owned enterprises, holding companies, and Variable Interest Entities (VIEs). 中国大陆对外国投资的政策和限制会根据经济形势和国家政策的变化进行不断调整。外国投资者在中国的投资受到《外商投资准入特别管理措施（负面清单）》的严格管控，这份清单明确了在特定行业和领域中外国投资者的投资限制，包括禁止投资的行业以及对外资控股比例的限制。因此，当我们考察使用红筹架构的公司时，无需关注如新闻机构、稀有矿石开采、ICP等受保护行业的案例。 China's policies and restrictions on foreign investment are continuously adjusted in response to changes in the economic situation and national policies. Foreign investments in China are strictly controlled by the 'Special Administrative Measures for Foreign Investment Access (Negative List)', which specifies restrictions on foreign investors in certain industries and sectors, including industries where investment is prohibited and limitations on foreign ownership ratios. Therefore, when examining companies using the Red Chip structure, there is no need to focus on cases in protected industries such as news organizations, rare mineral mining, or Internet Content Providers (ICP). 接下来，本文将以海昌控股有限公司为案例，详细阐述红筹架构，以便读者能更直观地理解其结构特点。欲了解更多信息，请参阅海昌控股有限公司的招股说明书，链接如下： https://www1./listedco/listconews/sehk/2014/0228/ltn20140228042_c.pdf（复制粘贴到浏览器中打开） Next, this article will use Haichang Holdings Ltd. as a case study to elaborate on the Red Chip structure, allowing readers to gain a more intuitive understanding of its structural features. For more information, please refer to the prospectus of Haichang Holdings Ltd., the link is as follows: https://www1./listedco/listconews/sehk/2014/0228/ltn20140228042_c.pdf  图：海昌控股有限公司招股说明书首页 Image: Cover page of the prospectus for Haichang Holdings Ltd. 海昌控股有限公司（Haichang Holdings Ltd.）主要专注于主题公园、海洋公园、水族馆及相关旅游业务的开发与运营。该公司在中国运营多个著名的海洋与主题公园，被视为该领域内的领先企业之一。其标志性的海洋主题公园遍布中国多个城市，包括大连的海昌发现王国、青岛的海昌极地海洋世界等。海昌控股有限公司于2014年2月28日发布招股说明书，并计划不晚于同年3月10日在香港进行首次公开发行股份。 Haichang Holdings Ltd. primarily focuses on the development and operation of theme parks, marine parks, aquariums, and related tourism businesses. The company operates several renowned marine and theme parks across China and is considered one of the leaders in this sector. Its iconic marine theme parks are located in various Chinese cities, including Dalian Haichang Discovery Kingdom and Qingdao Haichang Polar Ocean World. Haichang Holdings Ltd. issued its prospectus on February 28, 2014, with plans to go public in Hong Kong no later than March 10 of the same year.  图：海昌控股有限公司的公司架构 Image: Corporate Structure of Haichang Holdings Ltd. 上图展示了海昌控股有限公司在其招股说明书中的公司架构。本文将该架构细分为六个层级，并将逐层进行详细解读。 The image above shows the corporate structure of Haichang Holdings Ltd. as outlined in its prospectus. This article will break down the structure into six levels and provide a detailed interpretation of each level. 1. 海昌控股有限公司注册于开曼群岛，而其控股母公司海昌BVI（英属处女群岛）则在英属处女群岛注册。英属处女群岛的公司法规较为灵活，注册及管理成本相对较低，同时提供较高的隐私保护，因此常被用作持股平台，用以控制下属各级公司。 Haichang Holdings Ltd. is registered in the Cayman Islands, while its holding parent company, Haichang BVI, is registered in the British Virgin Islands. The corporate laws in the British Virgin Islands are quite flexible, with relatively low registration and management costs, and they also offer a high degree of privacy protection. Therefore, it is commonly used as a holding platform to control its subsidiary companies at various levels. 2. 海昌控股有限公司（本公司）位于整个红筹架构的中心，主要负责融资和上市活动。选择在开曼群岛注册，主要是因为该地区的公司法律体系成熟且稳定，适宜处理复杂的股权结构，使其成为上市公司的理想选择。 Haichang Holdings Ltd. (the Company) is at the core of the entire Red Chip structure, primarily responsible for financing and listing activities. It is registered in the Cayman Islands because the corporate legal system there is mature and stable, suitable for handling complex equity structures, making it an ideal choice for listing entities. 3. 海昌亚洲BVI（英属处女群岛）是一个中间层公司，充当开曼群岛公司与香港公司之间的桥梁。其存在为企业结构提供了额外的灵活性，例如在必要时可以通过转让其股权来调整控股，从而避免在直接转让香港公司股份时产生的印花税问题。 Haichang Asia BVI (the British Virgin Islands) is an intermediary company that acts as a bridge between the Cayman Islands company and the Hong Kong company. Its existence provides additional flexibility to the corporate structure, for instance, it allows for the adjustment of holdings through the transfer of its shares, thereby avoiding the stamp duty that would arise from directly transferring shares of the Hong Kong company. 4. 海昌控股香港（香港）作为向中国大陆进行返程投资的直接实体。由于香港与中国大陆之间的跨境预扣税率在符合条件的情况下仅为5%，这使得其在税务处理上具有明显优势。 Haichang Holdings Hong Kong (Hong Kong) acts as the direct entity for reinvestment into Mainland China. The cross-border withholding tax rate between Hong Kong and Mainland China is as low as 5% under qualified conditions, providing a significant tax advantage. 5. 海昌中国作为一家外商独资企业（WFOE），在中国大陆设立，通过持股方式控制国内运营公司。同时，它还充当资金转移的枢纽，将境外资金通过WFOE转入国内运营实体，而这些运营实体产生的利润则被WFOE汇回至境外的上市公司。 Haichang China, established as a wholly foreign-owned enterprise (WFOE) in Mainland China, controls domestic operating companies through shareholding. Additionally, it acts as a hub for capital transfer, channeling overseas funds to domestic operational entities via the WFOE. The profits generated by these operational entities are then remitted by the WFOE back to the overseas listed company. 6. 海昌旅游是一家由WFOE通过股权方式控制的中国境内运营公司。 Haichang Tourism is a domestic operating company in China controlled by the WFOE through equity ownership. 与上一篇文章提到的阿里巴巴的VIE架构相比，海昌控股有限公司采用的红筹模式通过直接设立境外控股公司并调整所有权结构来实现境外上市，有效避免了使用变相控制协议（VIE）。这种方法不仅让所有权结构更清晰，也显著降低了因VIE协议可能引发的法律风险。关于VIE协议的潜在法律风险，我将在后续文章中进行详细解析。 Compared to the VIE structure of Alibaba mentioned in the previous article, Haichang Holdings Ltd. adopts the Red Chip model, which involves directly establishing an offshore holding company and adjusting the ownership structure to facilitate overseas listing. This effectively avoids the use of Variable Interest Entity (VIE) agreements. This method not only clarifies the ownership structure but also significantly reduces the legal risks associated with VIE agreements. I will provide a detailed analysis of the potential legal risks related to VIE agreements in subsequent articles. 作者  张培坤 中国执业律师 Licensed Attorney in China 工作语言：中文、英文 专业研究领域：企业收并购法律尽职调查、企业国际化解决方案与全球税务筹划、企业股权架构与治理结构设计 联系电话：135 0532 2877 教育背景： 美国米歇尔哈姆雷法学院 - 法学博士（在读） 美国明尼苏达大学、中国中山大学 Educational Background: Mitchell Hamline School of Law - Juris Doctor (JD) Candidate University of Minnesota Sun Yat-sen University 张培坤律师原创, 持续为您提供严谨高质量的国际财会法律信息。 Attorney Peikun Zhang continually provides you with rigorous and high-quality international financial and legal information
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来自： 赵旭升q2jmk1lj > 《待分类》
