一、新政内容——外资可全资控股电商平台
New policy of permitting E-commerce platforms to be wholly owned by foreign investors
工业和信息化产业部（以下简称“工信部”）于2015年1月13日发布通告，上海自由贸易试验区（以下简称“上海自贸区”）将在区内进一步试点放开在线数据处理与交易处理业务（经营类电子商务）的外资股权比例限制，外资股权比例可至100%。
The PRC Ministry of Industry and Information Technology (“MIIT”) announced on January 13, 2015 that the restriction on the shareholding of foreign investors in those companies engaging in the business of providing online data processing and transactions processing services (E-commerce) would be further loosened in the China (Shanghai) Pilot Free Trade Zone (“Shanghai FTZ”) on a pilot basis, permitting foreign investors to hold up to 100% of equity interests in such companies (the “New Policy”).
在线数据处理与交易处理业务目前属于第一类增值电信业务[1]中的一种，是指利用各种与通信网络（含互联网）相连的数据与交易/事务处理应用平台，通过通信网络（含互联网）为用户提供在线数据处理和交易/事务处理的业务。经营类电子商务只是在线数据处理与交易处理业务最为常见的一种，更多指的是运营者建立或利用互联网商务平台，并就提供的该商务平台的服务收取费用，例如：淘宝网。
Online data processing and transactions processing services, which are currently classified as Category I value-added telecommunication services[1], refer to the online data processing and transactions/affairs processing services provided to users through communication networks (including Internet) under various kinds of data and transactions/affairs processing application platforms linked with those communication networks (including Internet). E-commerce is just the most common kind of online data processing and transactions processing services, and largely means that operators set up or use commercial internet platforms to provide services and charge fees for the services provided under such commercial platforms, such as Taobao.com.
在上海自贸区设立之初，工信部等部门确实对增值电信业务在自贸区的放开出台了一系列规定，其中就包括允许外资在电子商务领域控股，但其外资比例的上限放宽至55%。对于很多希望在中国经营电商业务的外资而言，仍然需要在中国寻找合适的中方合作伙伴，这直接导致了很多外国投资者对自贸区仍持观望态度。但现在的新政直接允许外资可以全资控股电商平台，这将极大的鼓舞对该领域感兴趣的外国投资者在上海自贸区的投资热情。
At the inception of Shanghai FTZ, MIIT and other relevant authorities issued a series of policies for the purpose of opening up the value-added telecommunication services in Shanghai FTZ, including permitting foreign investors to hold controlling interests (but up to 55%) in E-commence companies. However, pursuant to such policies, those foreign investors desiring to engage in E-commerce business in China still had to locate appropriate Chinese partners in China, and as a direct result many of them took a wait-and-see attitude towards such policies. Now, by directly permitting E-commerce platforms to be wholly owned by foreign investors, the New Policy will greatly arouse the enthusiasm of those foreign investors interested in the sector for investments in Shanghai FTZ.
二、深远影响——对存量电商及资本市场的影响
Profound influence on existing E-commerce companies and capital markets
新政除了对于拟进入中国电商产业的外国投资者是重大利好外，笔者认为新政将对现有存量的以VIE[2]架构运营的电商以及该类企业将来在海外资本市场（例如：香港的资产市场）上市带来深刻的影响。
In addition to that the New Policy is major good news for foreign investors intending to enter the Chinese E-commerce sector, we believe that the New Policy would have a profound influence on the existing E-commerce companies operating under VIE[2] structures and the future listing of such companies on overseas capital markets (such as in Hong Kong).
虽然近年来市场和监管者对VIE架构的稳定性和合规性的质疑一直不绝于耳，但为海外融资之目的，很多企业不得不采取VIE 架构进行运营。然而香港资本市场的监管者对适用VIE架构上市的企业，有一个必要性的要求，即，适用VIE架构运营的业务应该是在中国大陆地区外资无法控股运营的行业。因此，在上海自贸区已允许外商独资运营电子商务业务的情况下，在电子商务业务领域继续采用VIE架构运营，是否会因为违反必要性原则，成为在香港资本市场上市的一个阻碍，仍值得业界持续的予以观察。
Although the stability and legal compliance of VIE structures have been frequently challenged by the markets and regulators in the recent years, many companies have had to resort to such structures for the purpose of overseas financing. Now the New Policy in Shanghai FTZ certainly offers another choice to foreign investors. In particular, the regulator of Hong Kong capital market would request those companies going to be listed there under VIE structures to explain why their VIE structures are necessary, since the business conducted under VIE structures should be in those Chinese mainland industries in which foreign investors are not permitted to hold controlling interests in the invested companies. Therefore, since Shanghai FTZ now allows E-commerce companies to be wholly foreign-owned, it is worth further observation as to whether further operating under VIE structures in the E-commerce sector would become a barrier to the listing on the Hong Kong capital market due to violation of the principle of necessity.
三、未来趋势展望
Outlook for Future Trend
在新政颁布后的第一时间，我们立即联系了有关人员并获悉，上海自贸区新政颁布之日起，即可以受理设立经营类电子商务外商独资公司的申请。相关政府部门将按照2014年颁布的《上海自贸区外商投资经营增值电信业务试点管理办法》的具体实施规定进行审批。例如：最低注册资本为100万人民币，新设公司虽然设立在上海自贸区但可以提供全国性的电子商务服务，“先照后证”等。政府审批流程的所需的时间初步估计在3-5个月左右。
Immediately after the release of the New Policy, we contacted and were told by the relevant officials that the applications for establishing wholly-foreign owned E-commerce companies could be submitted for examination and approval as from the date of release of the New Policy. The relevant governmental authorities would examine and approve the applications pursuant to the detailed provisions of the Administrative Measures for Foreign Investments in Value-added Telecommunication Services in the China (Shanghai) Pilot Free Trade Zone on a Pilot Basis released in 2014, including, by way of example, that (i) the minimum registered capital shall be RMB one million yuan; (ii) the newly established companies may provide E-commerce services countrywide although they are registered in Shanghai FTZ, and (iii) the business license may be granted before the other requisite permits and licenses are obtained. The time needed for such governmental approval procedure is preliminarily estimated to be around 3 to 5 months.
[1] 根据2013版电信目录征求意见稿，在线数据处理和交易业务拟并入第二类增值电信业务。
Pursuant to the Catalogue of Classification of Telecommunication Services (2013) (Version Seeking Comments), online data processing and transactions processing services are proposed to be reclassified as Category II.
[2] 可变利益实体
Variable Interest Entities