The Protocol Controls The Return Path Of The Enterprise

Due to the contradiction between legal regulation and capital needs,most Internet companies in China have adopted the protocol control model to introduce foreign investment to the U.S.With the rapid development of economy and the rise of China capital market,high return earnings and capital Chinese stock market rate is much higher than the U.S.stock market,the original Internet companies gradually started the privatization process,and return to domestic market.Protocol control enterprises listed in return need to dismantle the VIE structure,the investment regulation,foreign exchange matters,tax payment and other areas must comply with the requirements of domestic laws and regulations.Based on the related institutional background,in March 2015 the successful return to the domestic listed storm technology as the research object,using longitudinal single case study method,analyzes the return process,and it can be divided into three stages:the first is the VIE architecture of the demolition phase,the difficult problem of this phase is in negotiations to determine the price of buying,it should not only safeguard the interests of foreign investors,and also to make cost control,due to the storm technology in the construction of the VIE structure without too much interest subjects involved,equity structure is clear,thus reducing the difficulty of the negotiations,RMB fund follow-up support,make the whole process very smooth;Followed by the choice of the ways of regression,in order to improve the company's capital scale and the financing ability,the storm technology selection IPO directly,and take the way of positive innovation,the compression cost efforts to achieve the requirement of the gem listing;The last is to choose appropriate listed entities,the business entity as the main body of listed not only satisfy the continuity of management and accounting,but also guarantee the integrity of assets,to storm technology is the best choice.The successful case of storm technology has a great significance for reference.