风险投资人会投资多家目标公司，以寻找下一个苹果或谷歌。在很多此类投资案例中，风险投资人仅持有少数 股份，因此他们不会对被投资公司的日常经营拥有控制权。在这些投资案例中，大多数投资人相信，根据中国 公司法项下的有限责任原则，如果投资失败，赔掉当初投资的金额将会是最坏的结果。然而，中国法院最近判 决的一些案例表明并强调：如果少数股东不能适当履行其对于被投资公司清算时的义务，则存在"揭开公司面 纱"的风险。
1. 案例
2005年，中国的一家国有风险投资公司--深圳市国成科技投资有限公司（"国成"）向深圳协雅精密工业制品有限 公司（"深圳协雅"）投资了六十一万美元，深圳协雅是一家被协雅国际工业有限公司（"协雅国际"）100%持股 的外商独资企业。投资交割后，国成成为持有深圳协雅约15%股权的少数股东，其有权向深圳协雅董事会任命 一名董事。遗憾的是，国成的投资很快就被证明是令人失望的。雪上加霜的是，深圳协雅卷入了一宗与上海东 洋炭素有限公司（"上海东洋"）的诉讼中。根据深圳协雅与上海东洋达成的一份和解协议，深圳协雅确认其欠 付上海东洋人民币155.4万（约合25万美元）。然而，深圳协雅未能根据和解协议向上海东洋支付上述款项。
Venture capitalists will invest in lots of portfolio companies to look for the next Apple or Google. In many such investments, venture capital investors will only hold a minority share, which do not give them control over the portfolio companies' daily operation. In such cases, most investors believe that to lose the amount of invested capital will be the worst case if such investments turn out to be a failure given the "limited liability" rule under PRC Company Law.
On 21 October 2013, the financially troubled company Hainan PO Shipping applied for bankruptcy and winding up before the People’s Court of Hainan Yangpu Economic & Development Zone (“Yangpu Court”). The Yangpu Court approved the application on 31 October 2013, and the Court has since nominated the administrators of Hainan PO Shipping.
The bankruptcy of Suntech Power Holdings Co. Ltd. ("Suntech") is a reminder of the challenges that foreign creditors face when a Chinese company goes into bankruptcy.
China’s corporate income tax (« CIT ») regime effective from January 1, 2008 explicitly requires corporate restructuring transactions to be effected at fair value so that any gain or loss shall be recognised for tax purpose at the time when the transaction takes place. The Chinese State Administration of Taxation (« SAT ») has released several tax circulars in recent years to address the detailed CIT treatments (e.g. the availability of tax deferral treatment for a corporate restructuring meeting certain prescribed criteria), the documentation and procedural requirements, etc.
Norwest Holdings Pte Ltd (in Liquidation) v Newport Mining Ltd [2011] SGCA 42
Responsive to issues faced with difficulty in obtaining financing by businesses (particularly small- to medium-size enterprises) due to the global financial crisis, State Administration of Industry and Commence officially released Administrative Measures for Corporate Debt-for-Equity Swap Registration (the “Measures”) recently, which formalizes regulation of debt-for-equity swap on the national level. The Measures will be put into implementation on January 1, 2012.
最高人民法院关于适用《中华人民共和国企业破产法》若干问题的规定（一）(09/09/2011)
An insolvency administrator has been sentenced to 11 years of imprisonment for obtaining RMB1.3 million in bribes. Huang Zhicong (“Huang”), former vice-president of Building Materials Corporation in Shaoguan City of Guangdong Province, was the insolvency administrator of Shaoguan New Sunlight Textile Enterprise Co., Ltd. (“New Sunlight”).
The Judicial Committee of the Supreme People’s Court has passed a notice regarding overdue fines on unpaid taxes of a bankrupt enterprise. This came into effect on 12 July 2012.