In the News: First VIE Overseas Listing Approved; Dyson IP Dispute Mediated; and Cash Dividend Amendments

September 20, 2023 | BY

Clarence Lee

China approves the U.S. listing plans of VIE-structured company CheChe; Chinese IP court helps mediate dispute between Dyson and Dreame; and CSRC proposes rules to encourage companies to pay their dividends

China Approves First Overseas Listing of VIE-Structured Firm

China's securities regulator approved CheChe Technology Inc.'s U.S. listing plans on Sep. 14, 2023, marking the first time since the China Securities Regulatory Commission (CSRC) introduced new overseas listing rules that it has approved the overseas listing plans of a VIE-structured (domestic variable interest entities) firm. CheChe is also the first company to be approved by the CSRC for listing as a special purpose acquisition company (SPAC) whereby an unlisted firm acquires a listed firm in order to become listed without executing its own initial public offering.

A VIE-structured firm is a firm controlled by the investor through a contractual relationship rather than direct ownership, meaning the investor does not have majority voting rights.

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