今天来说说B站的上市架构

大家吼，好久不更新专栏了，今天写点关于B站的上市架构吧~

招股书披露的架构是酱紫的，红色圈起来的地方是上市架构比较关键的组成部分

画地好看点就是这样

一、沿革

B站成立于2009，2010官方更名为bilibili，2011年开始商业化运营，2013成立了上海幻电信息科技有限公司（下称“上海幻电”），2014年收购了上海宽娱科技有限公司（下称“上海宽娱”）股权进一步扩张。

企查查显示，上海幻电的法定代表人是徐逸，实际控制人陈睿持股51%；而上海宽娱目前是陈睿全资控股。

根据招股书的披露，上海幻电主要经营的是手机游戏业务，上海宽娱经营的是视频业务（如下图）

之前有网友指出坤坤搞B站发给上海宽娱的律师函寄错对象了，因为B站主页上留的法人和联系方式都是上海幻电的。但是从上述的主营分工来看，坤坤的代理律师确实没有寄错函。

2013年12月，在开曼群岛设立了Bilibili Inc（下称“Bilibili开曼”），紧接着在2014年b站在香港设立了的香港幻电有限公司（下称“香港幻电”）。2014年9月11日又马不停蹄设立外商独资企业幻电科技(上海)有限公司（下称“幻电科技”）。

随后幻电科技与程睿、徐逸等人及上海幻电、上海宽娱两家公司签订VIE协议，实现协议控制。

二、VIE协议适用

因为我国的互联网业务是限制外商投资的，根据《外商投资电信企业管理规定》，外商只能通过与中国投资者以中外合资经营的形式投资设立经营增值电信业务的企业，其出资比例最高不得超过50%。B的主营，很抱歉，就是所谓增值电信业务，因此外商不能直接通过股权收购，而要借助VIE协议。

VIE架构是美国会计准则下“可变利益实体”( Variable Interests Entity,VIE)的要求，通过海外控股公司在境内设立外商独资企业，收购境内企业的部分资产，通过一系列法律协议安排，为境内企业提供垄断性咨询、管理和服务类和垄断贸易(如设备租赁)等服务，取得境内企业的全部或绝大部收入。

目前中国在美国上市的诸多互联网企业，包括“百度”、“盛大”以及“搜狐”等，因涉及的电信增值业务尚未对外商开放，均通过上述类似方案进行海外重组。通过上述协议安排，尽管离岸公司在实际上控制了互联网企业，但从法律意义上离岸公司或者WFOE与企业之间没有股权控制关系。持有ICP许可和增资电信业务经营许可证的主体依旧是一个纯粹的内资公司，内资公司将接受电信监管机构对于信息安全监管的一切法律和政策要求，从而规避了国内电信监管部门的审查。

三、B站VIE协议

根据招股书的披露B站VIE协议主要包括三类 Effective Control Agreements， Economic Benefits Reception Agreements 以及Exclusive Call Option Agreements ，也就有效控制协议、经济利益回流协议和独家购买协议。

（一）有效控制协议

有效控制协议分三部分 1、股东授权协议 2、股权质押协议 3、配偶承诺函

1、股东授权协议 Powers of Attorney

On June 2, 2015, Mr. Rui Chen,

the shareholder of Shanghai Kuanyu, executed a power of attorney to irrevocably appoint Hode Technology or its designated person as his attorney-in-fact to exercise all of his rights as a shareholder of Shanghai Kuanyu, including, but not limited to, the right to convene and attend shareholders' meeting, vote on any resolution that requires a shareholder vote, such as the appointment or removal of directors and executive officers, and other voting rights pursuant to the then-effective articles of association of Shanghai Kuanyu. The power of attorney will remain in force for so long as the shareholder remains a shareholder of Shanghai Kuanyu.

陈睿与幻电科技签订授权委托书，不可撤销地将其享有的对上海宽娱的所有权利授予给幻电科技，包括但是不限于召集、参加股东会的权利，任何需要股东表决的决议的投票权，比如说董事和经理的任免之类事项的表表决权和其他股东依据上海宽娱公司章程规定享有的表决权。该协议有效期同陈睿是上海宽娱股东的期间。

On October 10, 2017, each of Messrs. Yi Xu, Rui Chen and Xi Cao, and Mses. Qian Wei and Ni Li, the shareholders of Shanghai Hode, executed a power of attorney, which contains terms substantially similar to the power of attorney executed by the shareholder of Shanghai Kuanyu described above.

幻电科技与上海幻电的股东签订的协议同上。

Powers of Attorney. （陈睿、徐逸授权幻电科技享有其对上海宽娱和上海幻电的一切权利，包括召开参与股东大会，任免董事等等权利）

2、股权质押协议

陈睿及其他股东以他们在上海宽娱和的上海幻电所有股权质押来保证他和宽娱遵守独家技术咨询服务协议、独家期权协议和代理权。一旦违约，所有股份都会转让给幻电科技。

Equity Pledge Agreements. Pursuant to（按照） the equity pledge agreement, dated June 2, 2015, among Hode Technology, Shanghai Kuanyu and Mr. Rui Chen, the shareholder of Shanghai Kuanyu, Mr. Chen pledged all of his equity interests in Shanghai Kuanyu to guarantee his and Shanghai Kuanyu's performance of their obligations under the contractual arrangements including the exclusive technology consulting and service agreement, the exclusive option agreement and the power of attorney. In the event of a breach by Shanghai Kuanyu or Mr. Chen of contractual obligations under these agreements, Hode Technology, as pledgee, will have the right to dispose of the pledged equity interests in Shanghai Kuanyu. Mr. Chen also undertakes that, during the term of the equity pledge agreements, he will not dispose of the pledged equity interests or create or allow any encumbrance on the pledged equity interests. During the term of the equity pledge agreement, Hode Technology has the right to receive all of the dividends and profits distributed on the pledged equity interests.

陈睿以其在上海宽娱和的上海幻电所有股权质押来保证他和宽娱遵守独家技术咨询服务协议、独家购买协议和授权协议。如果上海宽娱或陈睿对上述协议违约，幻电科技作为质权人有权依据本协议处置在陈睿所质押的股权。陈先生亦承诺，在股权质押协议期间，他不会处分质押股权，亦不会在质押股权上设立或容许任何产权负担。在股权质押协议期间幻电科技有权收取质押股权所分配的全部股息和利润。

On October 10, 2017, Hode Technology, Shanghai Hode and each of the shareholders of Shanghai Hode entered into an equity pledge agreement, which contains terms substantially similar to the equity pledge agreement described above. We are in the process of completing the registration of the equity pledges with the relevant Office of the State Administration for Industry and Commerce in accordance with the PRC Property Rights Law.

幻电科技与上海幻电的股东签订的协议基本同上。

配偶同意声明

Spousal Consent Letters. Pursuant to the spousal consent letter, dated June 2, 2015, the spouse of Mr. Rui Chen, the sole shareholder of Shanghai Kuanyu, unconditionally and irrevocably agreed that the equity interest in Shanghai Kuanyu held by and registered in the name of Mr. Chen will be disposed of pursuant to the equity interest pledge agreement, the exclusive option agreement and the power of attorney. The spouse agreed not to assert any rights over the equity interest in Shanghai Kuanyu held by her spouse. In addition, in the event that the spouse obtains any equity interest in Shanghai Kuanyu held by her spouse for any reason, she agreed to be bound by the contractual arrangements.

配偶同意声明：按照配偶同意信，陈睿的配偶，无条件地和不可撤销地同意陈睿依据股权质押协议,独家选择协议和委托书处分相关权利。配偶同意不主张对其配偶持有的上海宽娱股权享有任何权利。此外，如果配偶因任何原因获得配偶在上海宽裕所持的任何股权，则其同意受上述协议安排的约束。

On October 10, 2017, the respective spouse of Rui Chen, Xi Cao and Qian Wei, each a shareholder of Shanghai Hode, executed a spousal consent letter, which contains terms substantially similar to the spousal consent letter described above.

上海幻电的股东同上。

（二）经济回流协议

独家技术咨询及服务协议

Exclusive Technology Consulting and Services Agreements. Under the exclusive technology consulting and services agreement between Hode Technology and Shanghai Kuanyu, dated June 2, 2015, Hode Technology has the exclusive right to provide to Shanghai Kuanyu consulting and services related to, among other things, research and development, system operation, advertising, internal training and technical support. Hode Technology has the exclusive ownership of intellectual property rights created as a result of the performance of this agreement. Shanghai Kuanyu agrees to pay Hode Technology an annual service fee, at an amount that is agreed by Hode Technology. This agreement will remain effective for a 10-year term and then be automatically renewed, unless Hode Technology gives Shanghai Kuanyu a termination notice 90 days before the term ends.

幻电科技与上海宽娱、上海幻电约定，幻电科技对上海宽余、上海幻电具有独家咨询服务权，其中包括研发、系统运营、广告、内部培训和技术支持。上海宽娱、上海幻电每年向幻电科技支付一定咨询服务费。幻电科技拥有因履行本协议而产生的产权的独家所有权。上海宽娱同意向幻电科技支付年度服务费，金额由幻电科技商定。本协议有效期为10年，除幻电科技在协议期满前90日内向上海宽娱发出终止通知，协议期满后自动续签。

On October 10, 2017, Hode Technology and Shanghai Hode entered into an exclusive technology consulting and services agreement, which contains terms substantially similar to the exclusive technology consulting and services agreement described above.

与上海幻电的协议同上。

（三）独家看涨期权协议（独家购买协议）

Exclusive Call Option Agreements. Pursuant to the exclusive call option agreement, dated June 2, 2015, among Hode Technology, Shanghai Kuanyu and Mr. Rui Chen, the shareholder of Shanghai Kuanyu, Mr. Chen irrevocably granted Hode Technology an exclusive option to purchase, or have its designated person to purchase, at its discretion, to the extent permitted under PRC law, all or part of his equity interests in Shanghai Kuanyu, and the purchase price shall be the lowest price permitted by applicable PRC law. In addition, Shanghai Kuanyu has granted Hode Technology an exclusive option to purchase, or have its designated person to purchase, at its discretion, to the extent permitted under PRC law, all or part of Shanghai Kuanyu's assets at the book value of such assets, or at the lowest price permitted by applicable PRC law, whichever is higher. Mr. Chen undertakes that, without the prior written consent of Hode Technology or us, he may not increase or decrease the registered capital, dispose of its assets, incur any debts or guarantee liabilities, enter into any material purchase agreements, conduct any merger, acquisition or investments, amend its articles of association or provide any loans to third parties. The exclusive call option agreement will remain effective until all equity interests in Shanghai Kuanyu held by Mr. Chen and all assets of Shanghai Kuanyu are transferred or assigned to Hode Technology or its designated representatives.

陈睿授予幻电科技有权以法律规定内的最低价格购买上海宽娱的股权。上海宽娱授予幻电科技以法律允许的最低价格购买公司账面资产的排他性权利。陈睿保证，没有看幻电科技的同意不会合并分立、增资减资、处置公司资产，修改公司章程、对外借款或担保。本独家购买协议在陈睿将其股份全部转让给幻电科技和上海宽娱将其财产全部转让或者分配至幻电科技及其指定人前一直有效。

On October 10, 2017, Hode Technology, Shanghai Hode and each of the shareholders of Shanghai Hode entered into an exclusive call option agreement, which contains terms substantially similar to the exclusive call option agreement described above.

对上海幻电及其股东，幻电科技同样签订了类似的期权条款。

四、VIE架构主要的法律风险风险

1、关于现行和未来中国法律、法规和规则的解释和应用存在很大的不确定性。如果中国政府发现为blibili的VIE架构不符合中国政府对外商投资的限制，bilibili可能会受到严厉的行政处罚，包括被中止运营。

2、其次依靠VIE架构来控制在中国的业务,这可能还是会存在许多隐患，不能像股权控制一样有简单暴力的提供子公司。

3、如果bilibili无法咋复杂的中国监管环境取得必要的行政许可或者审批或者或者被要求采取耗时或成本高昂的合规行动，bilibili的业务、财务状况和运营结果可能受到重大负面影响。”