一、前言

众所周知，如从事《外商投资产业指导目录》项下限制或禁止外商投资业务的境内公司拟于境外上市，其无法完全采用股权架构的方式搭建上市架构，而需采用通过合约安排对其境内运营实体（以下简称“OPCO公司”）进行协议控制的架构（以下简称“VIE架构”）完成境外拟上市公司与OPCO公司的链接。

根据香港联合交易所有限公司（以下简称“联交所”）现行有效的关于VIE架构的上市规定（即联交所于2004年5月23日首次刊发的《有关上市发行人业务使用合约安排的指引》（HKEx-GL77-14，以下简称《VIE指引》）（于2018年4月最新修订）与2005年第一季度刊发的关于合约安排的上市决策（HKEX-LD43-3，以下简称《VIE上市决策》）（于2018年4月最新修订），采用VIE架构的上市申请人应当适用“严格限定”原则（即通常所说“narrowly tailored”规则）。

但根据我们的项目经验以及案例研究，我们注意到联交所上市规定项下“严格限定”原则似乎尚存在一定灵活适用的空间。本文拟对于《VIE指引》及《VIE上市决策》项下“严格限定”原则及其实践情况进行简要分析，以期为相关读者了解如何适用“严格限定”原则提供参考。

As the number of enterprise groups in China has increased, the phenomenon of affiliates jointly going into bankruptcy has also become more common. Once a member of an enterprise group enters a bankruptcy procedure, whether its affiliates will also simultaneously enter the procedure with it has consistently been an issue of concern to creditors.

The number of substantive consolidation bankruptcy cases of affiliated enterprises in mainland China has gradually increased since 2014. Substantive consolidation bankruptcy means disregarding the independent corporate personality of all affiliated members and treating them as the same enterprise in bankruptcy treatment, so as to pay off debts to creditors in a fair manner, regarding an affiliated enterprise bankruptcy case with significant corporate personality confusion.

In our work with international companies supplying goods to the UK, we see the same issues arising regularly. In Part 3, we examined the types of insolvency process a customer may be subject to. In this fourth of five articles based on the five elements of the Wu Xing, we take the theme of Fire and explain the significant powers that arise for the insolvency practitioner on the entry into insolvency: to investigate propriety and recover assets to the central pool to pay creditors.

Fire: the great powers of the insolvency practitioner regarding transactions defrauding creditors

The Singapore Court may grant freezing injunctions in aid of foreign court proceedings, but the Court must have jurisdiction over the defendant, and a substantive claim must nevertheless be brought against the defendant in Singapore

In Bi Xiaoqiong v China Medical Technologies, Inc (in liquidation) and

another [2019] SGCA 50 (“China Medicalâ€), the Singapore Court of Appeal

(“CoAâ€) confirmed that the Singapore Court may grant freezing (or Mareva)

injunctions in support of foreign court proceedings. However, the Singapore

On 27 March 2019, the Supreme People’s Court (the “SPC”) published its Interpretation on Several Issues Concerning the Application of the Enterprise Bankruptcy Law of the People's Republic of China (III) (the “Bankruptcy Law Interpretation III”) which became effective on 28 March 2019. The Bankruptcy Law Interpretation III clarified certain aspects of the PRC Enterprise Bankruptcy Law, with the ultimate goal of improving the business environment in China by strengthening creditors’ right and the rule of law surrounding corporate insolvencies.

Hong Kong’s restructuring scene is one of the most cross-border in the world, with three-quarters of its listed companies incorporated offshore and most restructurings having a mainland China connection. But the territory still lacks a statutory regime for cross-border recognition – as recently brought into focus in the restructuring of Singaporean engineering company CW Group. What does this mean for international insolvencies in the region?

为创新经济发展模式、扩大对外开放力度，国家设立大湾区并着力将其打造为充满活力的世界级城市群和内地与港澳深度合作示范区。从定位不难看出，实行充分的市场经济和法治经济，为全国经济发展提供新的引擎和全新的模式，无疑是粤港澳大湾区的重要使命。要完成这一神圣使命，离不开破产重整制度。通过破产重整，挽救那些一时陷入财务困境和经营困境的企业，从而为湾区经济健康发展保驾护航。SX公司通过破产重整涅槃重生，就是破产重整制度保驾护航的典型案例。

一、企业初探：破产重整的机遇与挑战

1、SX公司基本情况

SX公司成立于1981年，于1994年在深交所上市，总股本约35000万股，其中流通股18000万股，限售流通股17000万股。

SX公司控股或参股四家实业公司，分别为科技公司、实业公司、饲料公司和西部公司。

2、SX公司重整受理情况

因不能清偿到期债务，经债权人饲料公司申请，深圳市中级人民法院（下称深圳中院）于2009年11月10日裁定SX公司进入重整程序，并指定北京市金杜（深圳）律师事务所担任管理人。

(12) 信托计划中受托人对股权投资应当如何进行管理？

实践中，信托计划受托人取得股权主要基于两种情形，一是基于受托而取得股权，即委托人将自己合法持有的股权作为信托财产，转移至受托人管理和处分；二是基于投资而取得股权，即委托人先把自己合法持有的信托资金或其他财产转移至受托人，进而由受托人通过管理、运用该等受托财产，以增资、受让等方式投资取得股权并对该等股权进行管理和处分。

基于受托人取得股权的不同情形，受托人对股权投资的管理责任不完全相同。

如受托人系基于受托取得股权，受托人的股东身份更接近“名义股东”，其对投资股权的管理主要受限于信托合同约定的信托财产的运用及管理方式。

近年来，我国宏观经济增长放缓，国家调整产业和信贷政策，并逐渐加强金融监管，商业银行的资产质量压力有所增加，十亿甚至百亿级别的债务逾期或潜在违约浮出水面。这些巨无霸级别的潜在不良贷款风险，迫切要求商业银行审查并改善贷前贷后管理中的遗漏和问题，也对商业银行的危机处理能力提出了更高的挑战。

大敌当前，痛定思痛，当危机来临时，商业银行的管理层和执行层需要的是冷静的思考、周密的策划，以及必要时刻壮士断腕的决策力。从本团队近期参与处理的几项复杂的债务逾期及潜在违约案例来看，危机的表象多种多样，除了资金周转困难带来直接的偿付危机；有的则是债务人控制人挪用公司资金投入股市炒股，有的是公司实际控制人陷入刑事调查和指控，也有的则更为隐蔽，债务人关联主体在境外受到他国政府的调查等等。这些危机虽然不一定直接表现为到期不付，但可能已经导致债务人违反融资文件的陈述、承诺条款，甚至通过交叉违约触发了违约事件或潜在违约事件。

本文旨在梳理危机处理的思路，通盘策划全面追索资产的策略，为贷款管理工作层面制定一份简介易行的“工作方案”，以便为后续的债务重组和清偿争取宝贵的时间，避免弯路：

一、梳理融资文件