第一部分VIE境外上市篇 1
第一节VIE模式下的法律风险 1
第二节 统计表 6
Part Ⅰ Overseas Listing through VIE Structure 10
Section 1 Legal Risks of VIE Structure 10
Section 2 Statistics Form 18
第二部分 做空机制篇 22
第一节 不仅仅是做空 22
一、不仅仅是做空 22
（一）“做空机制”下的挑战：中国概念股遭“做空” 23
（二）开启中国的“做空时代” 24
二、做空机制的适用 25
（一）正确处理政府与市场的关系 25
（二）完善法律制度建设 26
（三）提高投资者风险意识 26
（四）提高企业素质，参与国际竞争 27
三、结语 27
第二节 问答笔录——在中国的转融通与做空 27
一、问题清单 27
二、具体回答 28
（一）转融通在中国的模式 28
（二）中国转融通业务中的做多和做空 29
（三）重要意义 30
（四）相关规则 31
（五）对于投资者的建议 32
Part Ⅱ Short Selling 33
Section 1 Not Merely Short Selling 34
1 Not Merely Short Selling 34
1.1 The Challenges under Short Selling：Short-Sale Transaction upon Chinese Concept Stock 34
1.2 The Rise of Short Selling in China 36
2 Application of Short Mechanism 38
2.1 Relationship between Government and the Market 38
2.2 Improve the Build-up of a Legal Regulatory System 38
2.3 Improving the Risk Awareness of Investors 39
2.4 Enhancing Enterprise Quality and Involving International Competition 40
3 Final Thoughts 40
Section 2 Written Record as to Questions and Answers—Margin Trading and Short Selling in China 40
1 Schedule：Question List 41
2 Reply Information 41
2.1 The Model of Margin Trading in China 42
2.2 More Doer and Short Selling in Margin Trading of the PRC 42
2.3 Significance 45
2.4 Relevant Rules 45
2.5 Advice to Investors 48
第三部分 制度建设篇 49
第一节 重塑信心——有关中国概念股诚信危机下制度建设的几点建议 49
一、中国企业境外上市模式 50
二、建立上市前培训制度 52
三、规范财务制度 53
四、提高公司治理结构 54
五、信息披露制度 55
六、共同监管 56
七、结语 56
第二节 私有化小结 57
一、私有化的含义 57
二、私有化的方式 57
三、私有化架构 58
四、中国概念股私有化 58
Part Ⅲ Building up of Regulatory System 60
Section 1 Restoring Confidence—Some Suggestions about the System Construction of China Concept Stocks Credit Crisis 61
1 The Overseas listing Pattern Adopted by Chinese Companies 62
2 Training System Prior to an Overseas Listing 65
3 Regulating the Accounting System 67
4 Improving the Corporate Management Structure 68
5 Information Disclosure System 69
6 Shared Oversight 71
7 Final Thoughts 72
Section 2 Brief Summarization of Going Private Transaction 72
1 The Concept of Going Private Transaction 72
2 The Mode of Going Private Transaction 73
3 The Structure of Going Private Transaction 74
4 Going Private Transaction by Chinese Concept Stock 74
第四部分 对赌协议篇 76
对赌协议在中国的合法性 76
一、对赌协议的基本含义 77
二、对赌协议的法律性质 79
（一）对赌协议是射幸合同 79
（二）保险合同、赌博合同与对赌协议 80
三、对赌协议在其他国家和地区的适用 83
四、对赌协议目前在我国的实际应用 83
（一）海富投资VS甘肃世恒案的启示 84
（二）对赌协议在境内上市中的应用 89
五、小结 90
Part Ⅳ VAM 92
The Legality of VAM in China 92
1 The Basic Concept of VAM 94
2 The Legal Character of VAM 98
2.1 VAM Being an Aleatory Contract 98
2.2 Insurance Contract， Gambling Contract and VAM 99
3 The Application of VAM in other States or Areas 104
4 The Actual Application of VAM in China at Present 104
4.1 Inspiration of the Case of Haifu Investment VS Gansu Shiheng 105
4.2 The Application of the Domestic Listing as to VAM 113
5 Final Thoughts 115
第五部分 去红筹篇 117
第一节 去红筹的法律风险 117
一、选择“私有化” 118
二、拆除红筹架构 119
（一）红筹架构 119
（二）注销境外公司 121
（三）上市主体的选择 122
（四）业绩连续计算 123
三、税收法律风险 123
（一）境外特殊目的公司缴纳企业所得税 123
（二）非居民企业的698号文 125
四、代扣代缴企业所得税 125
五、个人所得税 126
六、外汇法律风险 127
（一）75号文逃汇法律风险 127
（二）142号文 128
七、结论 129
第二节 去红筹法律法规节选 129
一、首次公开发行部分 129
（一）境外发行 129
（二）境内发行 134
二、税收部分 142
（一）企业所得税法 142
（二）个人所得税法 143
（三）285号文 144
（四）698号文 144
三、外汇部分 146
（一）总则 146
（二）专门法规 147
（三）外汇使用 148
PartⅤ Dismantling Red Chip Structure 150
Section 1 Legal Risks of Dismantling Red Chip Structure 150
1 Choice of Privacy 152
2 Dismantling Red Chip Structure 154
2.1 Red Chip Structure 154
2.2 Cancellation of Overseas Companies 156
2.3 The Choice of Listing Subject 157
2.4 The Continuous Calculation of Performance 158
3 The Legal Risks of Tax 159
3.1 The Enterprise Income Tax of Overseas SPV 159
3.2 Compliance with Circular No.698 161
4 Withholding EIT 163
5 Individual Income Taxes 163
6 The Legal Risks of Foreign Exchange 165
6.1 The Legal Risks Concerning Evasion of Foreign Exchange Subject toCircular No.75 165
6.2 The Legal Risks of Usage of Foreign Exchange—Circular No.142 167
7 Final Thought 169
Section 2 Selection from Regulations Regarding Dismantling Red Chip Structure 170
1 Initial Public Offering Section 170
1.1 Overseas Listing 170
1.2 Domestic Listing 177
2 Tax Section 191
2.1 Enterprise Income Tax Law 191
2.2 Individual Income Tax Law 192
2.3 Circular No.285 193
2.4 Circular No.698 194
3 Foreign Exchange Section 196
3.1 General Principles 196
3.2 Special Regulations 198
3.3 Usage of Foreign Exchange 200
附：最新动态 203
美国OTCBB对完善我国全国性场外股份交易市场的启示 203
一、市场范围 205
二、挂牌条件 205
三、市场监管者 206
四、转板 207
五、做市商制度 208
六、市场投资主体的限制 208
七、后记 209
Attachment：the Newest Article 210
Inspiration Regarding Bettering National Equities Exchange and Quotations Market from OTCBB of America 210
1 Market Scope 213
2 Listing Condition 214
3 Market Supervisor 214
4 The Transition of Board 216
5 The System of Market Maker 217
6 The Limitation upon the Investor Subject of the Market 218
7 Postscript 220