China: 境外上市研究系列之VIE架构部分:增值电信部分

Last Updated: 10 July 2019
Article by Bi Xiuli and He Wang
Most Read Contributor in China, July 2019

在境内企业通过采取VIE架构实现在境外上市的案例中,从事增值电信业务的企业占比较大。为更好的了解掌握与增值电信有关的规定以及把握VIE架构,笔者对相关的规定、案例予以了整体性的整理、归纳,以期抛转引玉,与大家共同探讨学习。

本文主要包括:与增值电信业务有关的主要法律法规、增值电信的主要规定以及近期采取VIE架构上市的增值电信企业案例。

一、与增值电信有关的主要法律法规

二、与增值电信业务有关的主要规定

本部分内容主要包括增值电信的基础知识、外商投资电信业务、互联网信息服务以及维护互联网安全、个人信息保护的主要规定。

(一)增值电信的基础知识




(二)外商投资电信业务

实务中,在申请相关牌照时,监管部门会要求申请企业就其直接或间接股东中是否具有外资成分进行说明及承诺,并要求股东层面层层穿透,进而履行不同的审批程序。以下就外商投资电信业务的规定予以整理。

(三)互联网信息服务的主要规定

(四)移动互联网的主要规定

增值电信业务通常与移动互联网应用程序紧密结合,故笔者将移动互联网列入增值电信范畴,并对其规定予以了简要整理,内容如下:

(五)维护互联网安全与个人信息保护





三、案例

笔者就2018年至2019年5月境内增值电信业务企业采取VIE架构境外上市案例予以了小结,整理如下:





附:ICP申请流程图

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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