1 For a VIE typical Structure Chart, please see page 10 of the pdf at the following link:
2 The structure is also sometimes referred to as the "Sina structure" or a "contractual (control) arrangement".
3 Promulgated by the Ministry of Commerce ("MOFCOM"), the State-owned Assets Supervision Administrative Commission, the State Administration of Taxation ("SAT"), the State Administration of  Industry and Commerce ("SAIC"), the China Securities Regulatory Commission ("CSRC") and the State Administration of Foreign Exchange ("SAFE") with effect from 8 September 2006. The M&A Rules are actually a restatement of the interim provisions of the same name which were effective 12 April 2003 and which were repealed by the M&A Rules.
4 This would appear to be a reaction to abuse of the structure by potential listing candidates and is consistent with the HKEX's insistence on a rigorous listing process for China-based and other companies.


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