Since Beijing does not allow foreign investors to control ownership in the industry, these companies are organised around VIEs – firms that use contracts to grant an offshore holding company the right to control their business but do not give the offshore investors an actual stake.
因为中国政府规定TMT行业禁止外资控股,所以上述企业都采用了VIE架构。VIE是指这样的公司,允许一家离岸上市公司通过协议控制本公司的业务,但并不授予离岸投资者实际的股份。
Last month, New Oriental shares recovered some ground after the company announced that the SEC had approved various accounting changes it made in response to the investigation.
上月,新东方股价有所回升,此前该公司宣布,它针对调查所做的一些会计变更已获得美国证交会批准。
However, the scare has almost completely halted the flow of new Chinese IPOs. China-related equity capital market deal value was down to $4.173bn as of November 19 from $9.726bn for the same period last year, according to Dealogic.
然而,经过这场惊吓,中国企业已几乎完全停止赴海外IPO。Dealogic数据显示,截至今年11月19日,与中国有关的权益资本市场交易案金额已从去年同期的97.26亿美元降至41.73亿美元。
Only three firms from China have gone public in the US this year. Vipshop, the ecommerce business, and Acquity, a digital marketing company, rose above their IPO prices but little has followed since April. YY, a social media platform company that raised $81.9m in November – the first Chinese US IPO in seven months – prompted some cautious optimism. YY priced on the low end of its range but the shares closed 7.7 per cent up on the first day of trading. However, bankers say more is needed to restore confidence.
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