From Sina and NetEase to Alibaba, the VIE structure of Chinese internet companies has been operating for over 20 years, with hundreds of companies going public overseas.


There are many parties involved in this chain, including regulators, investment banks, exchanges, and law firms, all of whom are well aware of it and deeply familiar with it.
If you think a lawsuit from a former employee of Xiaohongshu can cut off its IPO prospects, then use your brain.
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