VIE架构（可变利益实体架构）曾经是中国新经济企业境外上市的“标准动作”——通过一系列控制协议，让境外上市主体实现对境内持牌运营实体的实际控制，从而绕开外商投资准入限制。然而，随着境内资本市场的制度完善与跨境监管环境收紧，VIE架构的“拆”与“留”已成为众多企业必须直面的战略选择题。本文从股权设计视角，拆解VIE架构在红筹回归过程中的核心要点与实操路径。

The VIE structure (Variable Interest Entity structure) was once a "standard action" for Chinese new economy enterprises to go public overseas - through a series of control agreements, allowing overseas listed entities to achieve actual control over domestically licensed operating entities, thereby bypassing foreign investment access restrictions. However, with the improvement of the domestic capital market system and the tightening of cross-border regulatory environment, the "dismantling" and "retention" of VIE structure have become strategic choices that many enterprises must face. This article breaks down the core points and practical paths of VIE structure in the process of red chip return from the perspective of equity design.

一、VIE架构的本质：协议控制下的“权钱分离”

1、 The essence of VIE architecture: "separation of power and money" under protocol control

要理解红筹回归的股权设计逻辑，首先要厘清VIE架构的内核。VIE架构与直接持股红筹架构的核心区别在于：境外开曼公司不直接持有境内运营实体的股权，而是通过WFOE（外商独资企业）与VIE公司及其股东签署一系列控制协议——包括独家业务合作协议、股权质押协议、独家购买权协议、表决权委托协议等，实现对境内运营实体的实际控制与财务并表。

To understand the equity design logic of the return of red chips, the first step is to clarify the core of the VIE structure. The core difference between VIE structure and direct shareholding red chip structure is that overseas Cayman companies do not directly hold equity in domestic operating entities, but sign a series of control agreements with VIE companies and their shareholders through WFOE (Wholly Foreign Owned Enterprise), including exclusive business cooperation agreements, equity pledge agreements, exclusive purchase rights agreements, voting rights delegation agreements, etc., to achieve actual control and financial consolidation of domestic operating entities.

这套协议安排的实质，是将“控制权”与“股权”人为分离：创始人名义上持有VIE公司股权，但通过协议将控制权让渡给境外主体；境外投资人持有开曼公司股份，享有经济收益，但真正的经营决策权仍通过开曼公司董事会行使。这种“权钱分离”的设计，既是VIE架构灵活性的来源，也是拆除时最大的合规痛点。

The essence of this agreement arrangement is to artificially separate "control" from "equity": the founder nominally holds equity in VIE company, but transfers control to overseas entities through an agreement; Overseas investors hold shares in Cayman Islands companies and enjoy economic benefits, but the true decision-making power in business operations is still exercised through the Cayman Islands company's board of directors. This "separation of power and money" design is both a source of flexibility for VIE architecture and the biggest compliance pain point during dismantling.

二、为什么要拆？——红筹回归的监管逻辑

2、 Why dismantle it? ——The regulatory logic behind the return of red chips

VIE架构企业回归境内上市，核心驱动力来自境内外监管环境的变化。一方面，A股市场对科技企业的估值显著高于境外市场，交易活跃度也更具吸引力；另一方面，近年来美国对中概股的监管政策持续收紧，而境内资本市场对红筹企业的包容性逐步提升。

The return of VIE architecture enterprises to domestic listing is driven by changes in regulatory environments both domestically and internationally. On the one hand, the valuation of technology companies in the A-share market is significantly higher than in overseas markets, and the trading activity is also more attractive; On the other hand, in recent years, the regulatory policies for Chinese concept stocks in the United States have continued to tighten, while the inclusiveness of red chip companies in the domestic capital market has gradually increased.

然而，保留VIE架构在A股IPO并非易事。虽然监管政策允许符合条件的红筹企业直接上市，但门槛极高——企业需属于高新技术和战略性新兴产业，市值和财务指标要求也显著高于境内企业标准。截至目前，以红筹架构在A股成功IPO的仅华润微、中芯国际等少数案例。因此，绝大多数拟回归A股的企业选择“先拆后上”——将VIE架构拆除，让股权与控制权回归境内实体，再以境内主体申请上市。

However, retaining the VIE structure in A-share IPOs is not an easy task. Although regulatory policies allow eligible red chip companies to go public directly, the threshold is extremely high - companies must belong to high-tech and strategic emerging industries, and their market value and financial indicators are significantly higher than the standards for domestic enterprises. As of now, only a few cases have successfully IPO on A-shares using red chip architecture, such as China Resources Microelectronics and SMIC. Therefore, the vast majority of companies planning to return to A-shares choose to "dismantle before listing" - dismantling the VIE structure, allowing equity and control to return to domestic entities, and then applying for listing as domestic entities.

值得关注的是，即便是赴境外上市，2023年《境内企业境外发行证券和上市管理试行办法》实施后，VIE架构企业的备案审核周期明显拉长，部分项目被要求说明搭建VIE架构的必要性与合理性，甚至被要求拆除后再申报。这一趋势迫使大量企业重新评估VIE架构的存续价值。

It is worth noting that even for overseas listings, after the implementation of the "Trial Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises" in 2023, the filing and review period for VIE structured enterprises has been significantly extended, and some projects are required to explain the necessity and rationality of building VIE structures, and even be required to be dismantled before filing. This trend has forced a large number of enterprises to reassess the continued value of VIE architecture.

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