阿里巴巴9/19/2014 就要在纽交所上市了。大家对于阿里巴巴是再熟悉不过了，不过对于公司的上市结构却鲜有报道。


如同许多互联网公司，阿里巴巴也是利用了VIE结构在美国成功上市
[size=14.399999618530273px]

[size=14.399999618530273px]说起VIE结构，最典型的应用是在外商投资受中国法律限制的互联网或电子商务领域。VIE结构是一个变通结构，是由外国投资者和中国创始股东(自然人或法人)(以下称“中国投资者”)成立一个离岸公司(以下称“上市公司”)，再由上市公司在中国境内设立一家外商独资企业从事外商投资不受限制的行业，例如最典型的技术咨询服务业(以下称“技术公司”)，技术公司对境内的运营公司(以下称“国内牌照公司”)提供实际出资、共负盈亏，并通过合同关系拥有控制权，最终实现外国投资者间接投资原本被限制或禁止的领域。
[size=14.399999618530273px]VIE结构的关键是通过VIE协议下的多个协议而不是通过拥有股权来控制国内牌照公司。通过技术公司和国内牌照公司签订的VIE协议，上市公司获得了对国内牌照公司的控制权和管理权，从而实现了财务报表的合并，这些特点对任何未来打算在国际市场上市的公司以及为跨境交易优化税务结构至为关键。
[size=14.399999618530273px]

为了让大家更加了解VIE的结构，笔者在此提供O’MELVENY 公司关于VIE结构在中国的研究报告 （英文原版) 供大家一起学习



O’MELVENY 公司是一家有着百年历史的从事商务法律的全球化公司

firm overviewO’Melveny helps build and connect prosperous communities of law and business. Our public service and pro bono contributions strengthen the communities we serve. Because community building is a mutual effort, we receive as much as we give. We learn from clients and industries that entrust us with their futures. We are reminded, often by those who most need our help, that the law respects and empowers all.

Our clients come from many industries, nations, and developmental stages. Their diversity spurs our own diversity and reach. We were one of the first US law firms to open offices in Beijing and Tokyo. O'Melveny has a leading China practice with offices in Shanghai, Beijing, and Hong Kong. Moreover, we opened an office in Singapore in 2008, and most recently opened a foreign legal consultant office in Seoul. Our European offices are in the key economic and political centers of London and Brussels. Our lawyers’ outstanding work regularly garners international awards and recognition.

O’Melveny’s achievements stem directly from the talent and commitment of approximately 750 professionals who practice in 15 offices. Clients value our lawyers' skills and creative strategies, as well as the common sense and civility they bring to important conversations. Our paralegals, librarians, assistants, clerks, administrators, and other staff members work in pursuit of our clients’ success and are highly valued members of the O’Melveny team.

After 129 years as a law firm, we know the importance of giving back to the communities where we work and live. Through O’Melveny’s scholarship programs, pro bono services,Green Office Initiative, and individual service, we aim to honor our roots and build for the future. We are especially proud to count among our colleagues a former US Secretary of Transportation, senior officials from the US Federal Trade Commission and US Securities and Exchange Commission, and scores of other lawyers who have played significant public service roles.

In 2014, we will continue to enhance O’Melveny’s internal resources that help us bring our best game to overcoming clients’ challenges: sophisticated legal technology, greater lawyer diversity, and professional development. We are optimistic about the future—for our clients, our communities, and our world.