VIEs, as they are known, evade Chinese law, which prohibits foreign ownership of Chinese tech companies. Through a series of intricate contractual arrangements, however, these structures effectively give foreigners the economic benefits of ownership.
People believe that if Beijing were to publicly declare a VIE illegal—in other words, expropriate foreign ownership—it would be like setting off a nuclear weapon, shutting off new Chinese companies from foreign equity markets. Therefore, they believe it could not happen. The last-minute cancellation of the Ant Group IPO in Hong Kong and Shanghai last November, however, shows that Xi Jinping is willing to […]
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