is the three term member of the CPPCC National Committee, Su ningyun Group Chairman Zhang Jindong submitted to the electronic commerce regulation, foreign investment, protection of personal information, e-government and logistics proposals this year. Among them, he proposed a clear agreement to control the behavior of corporate mergers and acquisitions, the VIE (protocol control) into the regulation, causing strong concern in the industry.
"agreement control" refers to the actual or potential economic source of the enterprise, but the enterprise itself does not have full control over it. This control mode is due to the development of domestic financing to support the Internet Co welcome, and Internet services (i.e. telecommunications value-added services) also be restricted the entry of foreign capital, so the design of this law mode, overseas listing "banned foreign enterprises" crack problem.
Zhang Jindong said, to pay attention to foreign capital, wary of the concept of industrial investment as a springboard for them, not for the purpose of industrial profits, while the listing of overseas premium for the purpose of profit model. Some analysts believe that Zhang Jindong’s proposal directed at Alibaba, Jingdong and other Internet Co, if VIE is included in the regulation will have a significant impact on these companies.
proposal: regulate foreign investment in electricity supplier
in Zhang Jindong opinion, the electricity supplier companies rely on foreign capital to prepare for overseas listing has become a trend, and the vast majority of forms of cooperation are outside the capital to participate in the domestic electricity supplier business model through the protocol control. This model will lead to the emergence of the electricity supplier industry, business operations in the country, investment in overseas market phenomenon, thus the development of the industry, there are significant risks to the national economic security. He said:
for the electricity supplier industry, sales growth and sales volume of foreign capital is defined business enterprise investment value and estimate the value basis, so they only pay attention to business sales growth, rather than focus on profitability of business.
in this context, part of the electricity supplier companies in order to attract foreign capital, the pursuit of high growth rate, large-scale, resulting in low efficiency of the electricity supplier industry, poor profitability, vicious competition and other issues. Because of one-sided pursuit of high sales competition launched, not only will the online market in a state of disorder, the line will be affected, even the retail industry into slobber war, price war quagmire, affecting the healthy development of the national economy.
for the national economy, the role of e-commerce in the development of the national economy is growing. However, the current foreign capital protocol control mode exist management risks, because this model is essentially the merger and acquisition behavior, and lead to business sales supervision and management capital operation to free countries in domestic and overseas investment listed in "the reality, the lack of effective supervision.
Zhang Jindong called on the Chinese Ministry of Commerce, the Commission is studying the development of regulatory requirements for the VIE model can be introduced as soon as possible. He suggested:
1, to improve the access control of foreign investment