京东IPO招股书之 VIE结构解析

2014-02-13 22:56阅读：

http://blog.sina.cn/dpool/blog/u/1868177291

以下英文部分摘自京东招股书中关于协议控制的解析架构解析，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。
“ We assisted in establishing Beijing Jingdong 360 Degree E-Commerce Co., Ltd., or Jingdong 360, in April 2007. Mr. Richard Qiangdong Liu and Mr. Jiaming Sun are the shareholders of Jingdong 360, with Mr. Liu owning 45% and Mr. Sun owning 55% as of the date of this prospectus. We obtained control over Jingdong 360 through Jingdong Century in April 2007 by entering into a series of contractual arrangements with Jingdong 360 and the shareholders of Jingdong 360 which we refer to as the Jingdong 360 Agreements. The Jingdong 360 Agreements were subsequently amended and restated in April 2011 and again in May 2012, and some of the Jingdong 360 Agreements were further amended and restated in December 2013.

Jingdong 360 holds our ICP license as an internet information provider and operates our website www.jd.com. In October 2012, Jingdong 360 acquired, through its wholly owned subsidiary, an online payment service provider which currently holds our online payment license and provides online payment and settlement services.
We assisted in establishing Jiangsu Yuanzhou E-Commerce Co., Ltd., or Jiangsu Yuanzhou, in September 2010. Mr. Richard Qiangdong Liu and Mr. Jiaming Sun are also the shareholders of Jiangsu Yuanzhou, with Mr. Liu owning 45% and Mr. Sun owning 55% as of the date of this prospectus. We obtained control over Jiangsu Yuanzhou through Jingdong Century by commitments between Mr. Liu, Mr. Sun, Jiangsu Yuanzhou and Jingdong Century at the time Jiangsu Yuanzhou was established. Jingdong Century entered into a series of contractual arrangements with Jiangsu Yuanzhou and its shareholders in April 2011 which we refer to as the Jiangsu Yuanzhou Agreements. The Jiangsu Yuanzhou Agreements were subsequently amended and restated in May 2012, and some of the Jiangsu Yuanzhou Agreements were further amended and restated in November 2012 and December 2013. Jiangsu Yuanzhou primarily conducts the sale of books and audio and video products.”

法律视角解读（摘自网络）
(1) VIE结构在中国法律规范下仍处于“灰色”地带，尽管有尝试性案例发生，但中国法院尚未对控制协议的合法性做出过肯定；
(2) 中国政府相关部门对VIE结构的态度仍不明朗，保留、约束和取缔VIE结构的声音并存；
(3) 现行绝大部分版本的控制协议根据中国法律存在执行上的瑕疵；
(4) 外国投资者申请中国法院执行域外法院生效判决的可能性不大；
(5) 外国投资者向中国法院提起针对控制协议违约之诉的可能性和可操作性不大；
(6) 从会计角度看，中国的法律规范给技术公司直接或间接地向离岸公司遣返利润、股息或红利设定了诸多限制，这给VIE结构下的企业并表造成了实际困难；

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