fact, representative of China's macro strategy regarding VIEs.
Finally, the invalidations of VIEs and VIE-like structures, as seen
As a VIE, a company can raise foreign capital and yet remain in compliance with regulations that restrict foreign ownership in certain industries.
Essentially, a VIE permits foreign investors to enjoy the benefits that come with owning a China-based business in one of these sectors without actually acquiring an ownership stake, and it also allows a Chinese company to raise more cash than would be possible if it was only open to Chinese investment--a "win-win" situation.
The VIE structure is the only way at present to play this game,'' said Paul Gillis, a professor at Peking University's Guanghua School of Management.
regulators, Alibaba says licenses for its online and mobile commerce businesses are held by Chinese citizens to comply with legal restrictions but -- VIE contracts will give shareholders ''effective control.
A reporting entity with a VIE variable interest evaluates if it is the VIE's primary beneficiary (the party required to consolidate the VIE) based on a qualitative assessment of VIE power and benefits.
A reporting entity may conclude no one party, by itself, meets the criteria of VIE primary beneficiary, but that as a group, the reporting entity and its related parties and de facto agents do.
But if VIEs are banned, it could substantially decrease the number of potential foreign investors in China and change the way business is done in China.
A dispute that captured headlines earlier this year between Alibaba and Yahoo, which owns 43% of Alibaba through a VIE, could offer some indication of the future if VIEs were eliminated without an alternative.
SOX 404 Disclosure Requirements for Consolidation of VIEs
Management needs to assess any material weakness in consolidation of a VIE, as defined by the Public Company Accounting Oversight Board in Appendix A of Auditing Standards No.
46, FASB concluded a primary reporting entity need not evaluate activities deemed to be businesses to determine whether they are VIEs
unless certain conditions exist.
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