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"It is undeniable that the VIE structure made important contributions to the development of China's Internet. ... But through the VIE structure, almost all Internet companies in China have their rights and interests in foreign countries first." 8/16
"This backwards situation has become a huge hidden danger in national network security. Therefore, these Chinese Internet companies should step out of the gray area of the VIE structure and move toward a more rational and normalized corporate governance structure." 9/16
"[They should adopt a] structure that not only meets the needs of national cyber security, but also facilitates corporate financing and listing, and [facilitate] opening the industry [through] sound development practices." 10/16
"In short, next, Chinese Internet companies must step out of the comfort zone of barbaric growth and adapt to China’s new institutional environment and the basic requirements of network governance." 11/16
"Compliance [is not only about] risk management for Chinese Internet companies, but also the only way for companies to cope with the increasingly complex international environment and seek greater certainty." 12/16
"In the short term, compliance is a cost burden for enterprises, but in the long term, it is an important manifestation of the competitiveness of an enterprise." 13/16
"Many of the problems with the Internet in China today are caused by the lack of legal compliance. This is a long-term debt, and [the current crackdown is a] make-up lesson. " 14/16
In particular, at the data level ... Internet companies have always been outside the system by virtue of their monopoly status, or the "black box" created by a lack of supervision." 15/16
This is what we've been saying for the last few days: Beijing is breaking some eggs to make an omelette. It wants its internet companies to be compliant at home, and their first loyalties to be domestic - that's the prerequisite for going abroad. 16/16
Is there risk to draconian backward looking action on VIEs ?
Well, not sure about "draconian" - but might China re-look at this issue? Sure. VIEs exist in a gray area because Beijing couldn't find a better solution. If they come up with one, yes, I think there could be a review of current "look the other way" stance.
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