Research On The Control Mode And Legal Supervision Of Overseas Listing Agreements Of Chinese Enterprises

VIE mode for most people is a strange term,but if I list the companies which used this way to successfully listed,I believe we will be familiar with,Alibaba,Sina,Didi and other well-known Chinese enterprises through this rapid development of the way.China's enterprises to adopt the VIE mode at the end of the last century due to China's foreign investment into the industry strict control,for telecommunications,Internet,news and other industries to take restrictions or even prohibit foreign investment,in this context.The formation of the VIE mode makes China's related enterprises not only meet the overseas capital market listing requirements but also to circumvent the laws of China for these industries to prohibit foreign investment restrictions.Protocol control model,also known as VIE model,simply refers to the Chinese enterprises and foreign subsidiaries signed a series of related agreements to achieve the actual control of Chinese enterprises outside the indirect listing model,the use of this way so that China's related enterprises can quickly get a large number of foreign support,so as to seek more rapid development.In this case the Chinese government began to pay attention to the regulation of the VIE mode,issued a Circular documents to try to regulate it,but the effect is not satisfactory,in January 2015 the Ministry of Commerce issued the " People's Republic of China Foreign Investment Law(draft)",make the three foreign law in a law to unify the management of foreign investment,the establishment of a unified system,standardize the relevant content for Chinese enterprises to attract foreign investment to provide a more convenient and reasonable way.Which for the first time in a law defined the control of the agreement,but unfortunately did not make a positive response to the legal control of the agreement,but only as a regulatory basis.It is in this context caused by the author of the agreement control mode of great interest,through the analysis of the pros and cons of the agreement to measure,in fact,the agreement is only a means of foreign financing,is a certain social development stage of the product has its existence of the rationality.