热点 | 电子商务全面向外资开放，你准备好了吗？(中英双语)- 大数跨境

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2015-05-01

导读：在过去的十来年里，中国众多互联网公司通过VIE模式从海外融到了大量的前期发展资金，也通过这一模式登陆海外资本市场。随着上海自贸区试点以及《投资目录》对其逐渐放开，VIE模式对规避互联网行业对外资准入限

电子商务的系列新政
Series of new policies on e-commerce

广受关注的2015版《外商投资产业指导目录》（“《投资目录》”）经国务院批准，近日于2015年3月13日由国家发改委与商务部联合发布，并将于2015年4月10日起施行。此次是《投资目录》的第六次修订，也是历次修订中修改规模最大的一次。
The widely-watched 2015 version Catalogue of Industries for Guiding Foreign Investment(“Investment Catalogue”) as approved by the State Council, was jointly issued by the State Development and Reform Commission and the Ministry of Commerce on March 3, 2015, and will come into force on April 10, 2015. This version is the Investment Catalogue’s sixth amendment and is the most thorough one.

如业界熟知，《投资目录》规定了鼓励类、限制类、禁止类项目，其他属于允许类，是外商投资适用有关政策的依据。此次修订后总条目为423条，比2011年版目录471条减少了48条。其中，限制类条目减少41条，鼓励类和禁止类条目数量基本稳定，分别减少5条、2条。
As is well known in the industry, the Investment Catalogue, regarded as the basis of the application of the specific foreign investment policies,stipulates projects categorized as encouraged, restricted and prohibited, and projects not listed are permitted. The Investment Catalogue after the amendments has 423 items, which reduced by 48 items as compared to the 2011 version which included 471 items. In the Investment Catalogue, the items in the restricted category are reduced by 41 items, and the encouraged and the prohibited items are stable on the whole, reduced by 5 and 2 respectively.

本文主要就《投资目录》对外商投资电子商务领域的影响进行分析和总结。电子商务，即在线数据处理与交易处理业务，属于增值电信业务中的一项。国内著名的电商，例如人尽皆知的淘宝和京东。在此之前，旧版《投资目录》规定增值电信业务属于限制类，外资比例不超过50%。《外商投资电信企业管理规定》(“《规定》”)第六条也规定经营增值电信业务（包括基础电信业务中的无线寻呼业务）的外商投资电信企业的外方投资者在企业中的出资比例，不得超过50%。
This article mainly analyzes and summarizes the influence on foreign investment in the field of e-commerce caused by the Investment Catalogue. E-commerce,which means online data processing and transaction processing business, is one of the value-added telecommunication services. Famous local e-commerce enterprises include the well-known Taobao and Jingdong, for instance. Before the amendments,the old investment catalog placed the value-added telecom services into the restricted category and the shareholding by the foreign investors was not allowed to exceed 50 percent. The article 6 of the Provisions on the Administration of Foreign-Invested Telecom Enterprises (“Provisions”) also prescribes that in a foreign-invested telecom enterprise operating the value-added services (including the wireless paging service which is one of the basic telecom services),the foreign investors' capital contribution shall not exceed 50%.

早在2013年中国（上海）自由贸易试验区（“上海自贸区”）成立之初，区内经营类电子商务的外资股权比例上限已由50%提高至55%，但对于外资来说，仍需要寻找合适的中方合作伙伴，这使得一时间没有合作伙伴对象的外资电商不得不徘徊观望。
As early as 2013 when the China (Shanghai) Pilot Free Trade Zone (“Shanghai FTZ”) was launched, the upper limit of foreign equity in an e-commerce enterprise has increased from 50% up to 55%.Notwithstanding the shareholding increase, the foreign investors still need to seek for appropriate Chinese partners, which results that those foreign e-commerce enterprises who cannot source the Chinese partner at a time have no choice but to wait and see.

今年1月份，上海自贸区又进一步放开了外商投资电子商务领域股权比例限制，允许在区内设立外资全资控股的电子商务企业。这无疑对有志于中国电子商务市场的外资来说，是个极大的鼓舞。正在业界感叹外商独资只限于区内时，新版《投资目录》迅速将这一领域的开放推广至全国。
In January this year, the Shanghai FTZ further opened the upper limit of foreigne quity in e-commerce industry, and wholly foreign-owned enterprises engaging in e-commerce business are allowed to be established in the zone. This is no doubt a great encouragement to those foreign investors who are keen to enter into China’s e-commerce market. While the industry is sighing such WFOE mode is limited to the Shanghai FTZ enterprises only, the new Investment Catalogue promptly expands such liberalization to the entire country.

上海自贸区和全国的比较
Shanghai FTZ vs. nation

《投资目录》在全国范围内放开外资电子商务领域对“觊觎”中国市场已久的外资电商绝对是重大利好。但比较之下，上海自贸区在具体业务的开放程度，外资持股比例限制和给予的投资便利上，还是略胜一筹。两者的对比详见下表。
The Investment Catalogue’s nation-wide liberalization for e-commerce invested by foreign capital is of great benefit to those foreign e-commerce enterprises who covet China’s e-commerce market. But by contrast, Shanghai FTZ is still slightly better in light of the openness of specific business, the cap of foreign shareholding and the convenience of investment. The table below sets out the detailed contrast.

VIE模式

VIE Mode

对外商投资企业在互联网行业的准入限制，让VIE模式应运而生。它一方面规避了国家对外商投资互联网领域的限制，同时又规避了75号文《关于境内居民通过境外特殊目的公司融资及返程投资外汇管理有关问题的通知》（目前已被2014年7月4日发布的《国家外汇管理局关于境内居民通过特殊目的公司境外投融资及返程投资外汇管理有关问题的通知》废止）及10号文《关于外国投资者并购境内企业的规定》。在过去的十来年里，中国众多互联网公司通过VIE模式从海外融到了大量的前期发展资金，也通过这一模式登陆海外资本市场。
Due to the access restriction for foreign-invested enterprises engaging in internet industry, the VIE mode emerged. On the one hand, it avoids the said restriction,on the other hand, it also evades Circular No. 75, i.e. the Notice of the State Administration of Foreign Exchange on the Administration of Foreign Exchange Involved in Financing and Return on Investment Conducted by Residents in China via Special-Purpose Companies ( which has been superseded by the Notice of the State Administration of Foreign Exchange on the Administration of Foreign Exchange Involved in Overseas Investment,Financing and Return on Investment Conducted by Residents in China via Special-Purpose Companies released on July 4, 2014) and Order No. 10, i.e. the Provisions on Foreign Investors' Merger with and Acquisition of Domestic Enterprises. In the past decade or so, through the VIE mode, a plenty of domestic internet companies raised large capital from overseas for early stage development, and even embarked on the overseas capital markets by use of VIE mode.

但上述外资企业电信准入限制，随着上海自贸区试点以及《投资目录》对其逐渐放开，VIE模式对规避互联网行业对外资准入限制的作用也将逐渐减小。境外资本市场对于VIE结构存在的“必要性”也会进行相应的审核，这也会促使外商投资电商企业将逐渐从VIE模式过渡至直接投资。但不得不承认的是，增值电信业务中的大部分业务（非电子商务业务）在股权比例及资格要求方面在自贸区外尚未放开，使得VIE模式短期内可能不会完全退出国内互联网行业的舞台。
However, the above access restrictions for FIEs engaging in telecommunication business were gradually eased along with the pilot in Shanghai FTZ and the Investment Catalogue, and thus the role of VIE mode for avoiding the access restriction in internet industry against foreign investors is expected to gradually weakened. Moreover, the overseas capital market will correspondingly review the “necessity” of using VIE mode, which will also impel foreign-invested e-commerce enterprises gradually transformed from VIE mode to direct investment. However we have to admit that the restrictions in equity ratio and qualification requirements for most of the value-added telecom services (other than e-commerce business) still exist outside the FTZ, therefore, the VIE mode may not completely disappear from the domestic Internet industry in the short term.

另一方面，国务院《关于在中国(上海)自由贸易试验区内暂时调整有关行政法规和国务院文件规定的行政审批或者准入特别管理措施的决定》已经明确在自贸区内暂时停止 “资格要求”相关规定内容。基于此，《规定》第10条规定“外方主要投资者应当具有经营增值电信业务的良好业绩和运营经验”的要求也将逐渐取消或淡化。这将为有志于投资电商领域的外资VC和PE扫清了制度上的障碍。当然，对于本土电商而言，也为其吸引境外投资资本的支持提供了制度便利。
In addition, the Decision of the State Council on Temporarily Adjusting the Administrative Examination and Approval Items or Special Access Management Measures Prescribed by Certain Administrative Regulations and State Council Documents in the China (Shanghai) Pilot FreeTrade Zone, issued by the State Council,has announced to temporarily cease the “qualification requirements” in the FTZ.Based on which, the article 10 of the Provisions which provides that “the primary foreign investor shall have a good track record of, and operation experience in, operating value-added telecom services”, may be gradually cancelled or fade-out.This will clear the way for foreign VCs and PEs who intend to invest in e-commerce. And of course, this will also provide convenience at the policy level for the domestic e-commerce companies attracting support from the foreign investments.

总结
Conclusion

据我们了解，自贸区在批准外资电信企业方面仍然采取了审慎的态度，因此取得增值电信业务许可的外资电信企业数量尚不多。但从整体趋势上看，国家对外商投资电子商务领域的政策逐步放宽。近期不断出台的政策，也表明了政府向外资开放市场的努力和态度。相信在这一政策的推动下，会鼓励和催生更多的外资电商参与到中国的市场中来，你准备好了吗？
As far as we know, the FTZ is prudent to approve foreign-invested telecom enterprises, so there are not much foreign-invested telecom enterprises that have obtained the permit for value-added telecom services. But considering the general trend, China is gradually adopting more liberal policies for foreign-invested e-commerce industry. Those recently-promulgated policies also show the government's effort and attitude towards opening the market to foreign investors. As promoted by such series of policies, we believe more foreign e-commerce enterprises will be encouraged to entry into the China market. Are you ready?

我们将密切关注有关外商投资电信行业的法规动向，并及时与您分享。
We will pay close attention to legislation trend of foreign-invested telecom industry and timely share the latest information with you.

信息来源：大成律师事务所孙庆南

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