In October 2013, Jingtian & Gongcheng served as PRC legal counsel in the successful listing of the variable interest entity (VIE) structured issuers Forgame and IGG on the main board and second board, respectively, of the Hong Kong Stock Exchange (HKSE).
They are currently the most recent representative cases of VIE structured internet enterprises with mainland Chinese equity that have listed in Hong Kong. In the two cases, the listed companies are involved in the operation of online games in the mainland and, as is common practice for offshore listings by enterprises in China’s internet industry, both adopted a VIE structure to deal with the issue of foreign investment restrictions in value-added telecoms services, internet publishing and online culture operations.
Direct effect
Of direct effect on the most recent listing cases was notice Xin Chu Lian [2009] No. 13 concerning strengthening administration of prior approvals of online games and the approval of imported online games issued by the General Administration of Press and Publishing and other authorities in 2009, in order to thoroughly implement relevant regulations of the State Council and relevant interpretations of the State Commission Office for Public Sector Reform.
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Chen Zejia (Sunny) is a partner at Jingtian & Gongcheng‘s Shanghai office. He can be contacted on +86 21 5404 9930 or by email at chen.zejia@jingtian.com
