2012-香港上市的VIE公司监管新要求.doc

Sullivan Cromwell has published a brief, but excellent, guide to new requirements for listing companies using VIE structures in Hong Kong. 苏利文?克伦威尔律师事务所发表了一个很有看头的简报，直指针对在香港上市使用VIE结构的公司的一项新披露要求。 Hong Kong allows use of the VIE structure but is imposing more requirements than the SEC. For example, in cases where VIE structures are adopted for companies in unrestricted industries, the listing division refers the case to the listing committee, and if a business becomes unrestricted, it must be removed from the VIE. That is a requirement that New Oriental shareholders may wish was in place in the U.S. 香港允许上市公司使用VIE结构，但要求比美国证券交易委员会高。例如，对于那些使用VIE结构的在非限制性行业，如果VIE实体的某项业务不再受到产业政策限制，那么就必须从VIE中剥离。而这一要求，正是新东方教育集团的美国股东所希望的。 VIE is actually a U.S. accounting term. Hong Kong requires use of HKFRS, which is essentially the same as IFRS. Nevertheless, similar rules apply under U.S. GAAP and IFRS for consolidation of VIEs and the same result can be obtained under either standard. You wonapos;t likely see the term VIE in Hong Kong financial statements, however. That has made it difficult to determine if a Hong Kong listed company uses a VIE structure. The new disclosure requirements, however, will make that clear. VIE实际上是一个会计术语。香港要求使用香港财务报告准则，该准则与国际财务报告准则基本上是一样的。然而，美国公认会计准则和国际财务报告准则关于VIE合并的准则相似，按两者中的任一准则编制会得出同样的财务报告。你可能将不会在香港财务报告中看到VIE这个术语，然而，这样就会难以判断一个香港上市公司是否使用了VIE结构。而新的披露要求将让VIE现出原形。 The SC brief has a list of the specific disclosure and review requirements in Hong Kong for VIEs. The U.S. SEC ought to adopt these. A couple of the requirements are interesting: 针对香港的VIE，简报列出了一个具体披露和审查要求清单。预计美国证券交易委员应该采纳这些要求。其中有两个要求耐人寻味： Appropriate regulatory assurance should be obtained from the relevant regulatory authorities or there must be an appropriate statement in the PRC legal opinion to the effect that all possible actions or steps to be taken to enable it to reach its legal conclusions had been taken. 需要从相关监管当局取得适当监管的保证，或者在中国律师出具的法律意见中包含一个适当陈述，表明将采取确保律师事务所能够得出其法律结论所需的一切可能的行动或步骤。 Good