Case Analysis Of VIE Architecture Demolished By "Baofeng Technology"

With the accelerated construction of multi-level capital market in 2014-2015 in the fiery development of the stock market under the impetus of a group of VIE model used in the stock and to go overseas listed companies have to return to the domestic A shares Decision,and successively privatized and demolished the VIE architecture.Although this regression was controversial,but the results,the state did not carry out too many restrictions.The demolition of the VIE structure of enterprises to return to the domestic capital market is an inevitable phenomenon in the development stage of China’s capital market.The face of rapidly changing market environment and policy,enterprises how to demolish the VIE structure,the smooth return to the domestic capital market and other issues to be resolved.Baofeng Technology as the first successful demolition VIE structure and GEM listed companies,its performance in the capital market has attracted wide attention,has also become the benchmark for regression to the enterprise.This paper will take Baofeng Technology as the analysis object,taking the development process of the enterprise and the background of making the decision to return to the domestic capital market,and strive to restore its important node in the process of demolition VIE architecture.Combined with the specific circumstances of the capital market since 2015,from the point of view of corporate decision-making and follow-up listing review points,the demolition VIE program in the process of development,the dollar fund withdrawal of the stock pricing,then disk fund selection,continuous operation period,The stability of the actual controller,the clarity of the ownership structure and other issues,and the legal status of the regulatory authorities in the process of dismantling the VIE structure of the enterprise and the legal risk of the analysis,and then extract the quasi-regression enterprises The demolition of the VIE architecture on the common,for more to return to the outstanding stocks and has been built VIE structure of the enterprise to provide a reference.At the end of the paper,the enterprise will be from a global perspective to make recommendations for the enterprise to make a reasonable decision to provide a reference,including the enterprise itself is suitable for demolition VIE architecture,demolition VIE architecture should be how to master the development of the overall planning and follow-up in what way Domestic listing and so on.