Page 37 - CCFA Journal - 8th Issue

加中金融 合规 Governance

因此，北京蔚来网络科技有限公司是一家持有互联网内容提供许可证和用户数据等电信资产的特殊公司。这些资产不能落
入海外投资者之手，这就是为什么 VIE 只用于保护这部分业务不被外国所有的原因。

值得一提的是，蔚来汽车创始人 Li Bin 拥有北京蔚来网络科技有限公司 80%的股份，其联合创始人 Qin Lihong 拥有 20%
的股份。这里的经济合约本质上是海外投资者和两位公司创始人之间的合约。因此，两位创始人违约的潜在可能将构成海
外投资者需要承担的进一步风险。我们稍后会更详细地讨论这个话题，但现在，请记住：了解 VIE 的交易对手方(合法所
有者)是谁是很重要的。在这起案件中，归根结底是对 William Li Bin 诚信的信任，相信他会履行对海外投资者的合同义务
(包括任何计入北京蔚来的利润)。

总结一下——结论是，海外投资者实际上在法律上拥有蔚来汽车的大部分股权。这可能会让人感到意外，因为它与“海外
投资者一无所有”的常见说法相悖。这就是为什么不应该笼统地描绘 VIE。VIE 是一个比大多数人认为的要微妙得多的话
题。

Beijing NIO Network Technology Co is therefore a special company created to hold telecommunications assets such as internet
content provision licenses and user data. These are assets that cannot fall into the hands of offshore investors, which is why VIE is
used to shield only this part of the business from foreign ownership.

Note here that Beijing NIO Network Technology Co is 80% owned by William Li Bin, Nio’s founder, and 20% owned by Qin Lihong,
his co-founder. The economic contract here is in essence between offshore investors and the two company founders. The
potential for breaching of the contract by the two founders would therefore constitute a further risk that’s borne by offshore
investors. We will come back to this topic in more detail later, but for now, keep in mind that it is important to know who the
counterparty (the legal owners) of the VIE are. In this case, it boils down to the faith in the integrity of William Li Bin to honor his
contractual obligation to offshore investors (for any profit that is accrued to Beijing NIO).

To summarize here – the conclusion is that offshore investors actually have legal ownership of substantially all of Nio. This may
come as a surprise, because it goes against the commonly heard narrative that “offshore investors own nothing”. This is why it is
not appropriate to paint VIE with a broad brush. VIE is a much more nuanced topic than most realize.

CCFA JOURNAL OF FINANCE August 2022 Page 37 第37页