Baby World

Pay treasure exposure the unspoken rules   by Jion

Because of the dramatic control transfer from the “pay treasure” storm, now has lasted 1 months. With the gradually revealed details, view aircraft crash, the complexity of this more and more clearly visible-it a rare turned China’s Internet industry “table”, the mesa of unspoken rules exposure to social public. Unspoken rules advantages and disadvantages? This shouldn’t break? And how to break? These question mark, is a “pay treasure” event actually worth attention “point”.

Flexible out mode

According to “the unspoken rules” concept WuSi initiated the definition of unspoken rules is approved by the people in private, with private behavior constraint rules for the formal rules change, can provide benefits. The unspoken rules actually had three square: trade both parties plus the higher levels of official system representative.

To see “pay treasure” event, need to understand China’s Internet industry show rules and unspoken rules.

Show the fundamental key of rules or policies, foreign capital is restricted to the Internet with the related telecom value-added, publishing business. But in order to get the overseas financing, some have adopted a flexible way: in pure domestic domestic entities besides, foster a foreign capital enterprise. Domestic entities with pure domestic status, can legally to the administrative licensing business license, obtain the income; While foreign company is like “hidden in the fetus, through” the matrix “umbilical cord” a complex set of legal agreement-from the matrix of nutrition, namely transport investment return.

This mode by sina in 11 years ago listed first, when called “control” term agreement (VIE), and was widely to follow suit. Jingdong mall LiuJiangDong founder, said home almost all the atoms in a foreign investment enterprise is Internet VIE structure.

“Pay treasure” is no exception. The third party pay business with the electronic commerce, at first, the fuzzy rules rise in foreign access, with reference to the commercial Banks to foreign investment, to have minority stakes. In the past two years, with the regulatory policy gradually established, the foreign shareholders out step by step “pay treasure”, and eventually evolved into a zero shareholding VIE structure. To do so, of course, is to ensure that “pay treasure” is one of the first to obtain legal develop the third party to pay business licence.

Breakage is the “umbilical cord”

But unspoken rules were born with congenital deficiency-uncertainty. Therefore almost all overseas listing of China’s Internet companies are the risk to VIE expressly hint, but DuoNian to overseas investors, seems to habitually ignore the risk. Because, in “pay treasure” before the storm, VIE have never suffered challenge.

This year, however, by the end of march, Mr Ma will “umbilical cord” breakage, he tries to foreign capital and “pay treasure” link. Jack ma explain, when business license application is around the corner, the central bank requirements “pay treasure” made “does not exist agreement control” written consent. This, he said, means “pay treasure” can’t continue to VIE.

Before the end of march, and because it has “umbilical cord”, foreign not not special care equity change, but when jack ma declared all according to show rules or policies to do, unspoken rules “sudden death”, foreign interests suddenly have lost the specter of.

Very important is the fact that the operation process is very rough. Mr Ma to unilaterally break “pay treasure” agreement before, did not control with two big foreign shareholders–yahoo and softbank reach new interests distribution solutions. Jack ma explain this is being forced to, if not quick decision, “pay treasure” is likely to get the license, and endanger the whole alibaba.

Be worth what carry is, Chinese VIE unspoken rules and a features: most of the “matrix” and “the fetus” the chairman of the board of the company is the same people, in theory, he can to “umbilical cord” unilateral move the knife. In “pay treasure” cases, the man is jack ma.

“Conspiracy theory” reveals risk

“Pay treasure” storm the image of Mr Ma has been to challenge.

The original criticism on the contract without authorization, transfer against “pay treasure”, will control the interests of foreign shareholder suspended in the air. But Mr Ma, supporters say, contract can only on show rules under the background of the discussion; Jack ma even if default, also just breaking the covenant of hidden rules. The implication seems to be placed on stage, not the unspoken rules are wrong, and now the error correction, is right.

In the past few days, the Internet and capital to more people to throw the ma, they point out, Mr Ma is actually borrow rules, the name of the reality of the profit do, he do this for himself, is in talks with the foreign shareholders for chips. And the consequences will be severe: the entire Internet industry is placed in a fire and water in, the whole Chinese enterprise reputation damaged.

Mr Ma and the foreign shareholders enemy has a long history. Last week, Mr Ma denied a “pay treasure” storm is from the foreign shareholders for help there there already a long time of stock buyback. But he admitted that, control “pay treasure”, he at the negotiating table reverse position.

IT came in to watch sea ray “pay treasure” events in a column, Mr Ma said IT has, sometimes IT’s also can play with the foreign investment-said unspoken rules, after making money, speak show rules.

In no more solid evidence, the so-called before Mr Ma “conspiracy theory” just a guess. But “pay treasure” events first clear reveals a potential regulation of uncertainty and risk.

About the Author

Jion a professianl writer , it provides the high quality products, such as China Middle voltage power cable, China Power Cable, control cable, and many more.
Fetal Vision Imaging 4D Ultrasound www.fetalvisionimaging.com

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Mourning the Unborn Dead a Buddhist Ritual Comes to America $11.48 New – Many Western visitors to Japan have been struck by the numerous cemeteries for aborted fetuses, which are characterized by throngs of images of the Bodhisattva Jizo, usually dressed in red baby aprons or other baby garments, and each dedicated to an individual fetus. Abortion is common in Japan and as a consequence one of the frequently performed rituals in Japanese Buddhism is mizuko-kuyo, a ceremony for aborted and miscarried fetuses. Over the past forty years, mizuko-kuyo has gradually

Mourning the Unborn Dead a Buddhist Ritual Comes to America $9.05 Used – Many Western visitors to Japan have been struck by the numerous cemeteries for aborted fetuses, which are characterized by throngs of images of the Bodhisattva Jizo, usually dressed in red baby aprons or other baby garments, and each dedicated to an individual fetus. Abortion is common in Japan and as a consequence one of the frequently performed rituals in Japanese Buddhism is mizuko-kuyo, a ceremony for aborted and miscarried fetuses. Over the past forty years, mizuko-kuyo has gradually

Mourning the Unborn Dead a Buddhist Ritual Comes to America $7.4 Used – Many Western visitors to Japan have been struck by the numerous cemeteries for aborted fetuses, which are characterized by throngs of images of the Bodhisattva Jizo, usually dressed in red baby aprons or other baby garments, and each dedicated to an individual fetus. Abortion is common in Japan and as a consequence one of the frequently performed rituals in Japanese Buddhism is mizuko-kuyo, a ceremony for aborted and miscarried fetuses. Over the past forty years, mizuko-kuyo has gradually

Mourning the Unborn Dead a Buddhist Ritual Comes to America $8.83 New – Many Western visitors to Japan have been struck by the numerous cemeteries for aborted fetuses, which are characterized by throngs of images of the Bodhisattva Jizo, usually dressed in red baby aprons or other baby garments, and each dedicated to an individual fetus. Abortion is common in Japan and as a consequence one of the frequently performed rituals in Japanese Buddhism is mizuko-kuyo, a ceremony for aborted and miscarried fetuses. Over the past forty years, mizuko-kuyo has gradually