红筹架构企业回归A股是全球证券市场和监管竞争的体现。该现象与红筹股回归、红筹股私有化回归既有联系又存在重要区别,同时其本身依据股权、资产或协议控制型等不同架构也呈现出各自特点。证监会在审核中确立了清理境外壳公司、控制权回境与实质拆除红筹架构、信息披露与合规性要求等重点及例外处理,近20项实例在类红筹、返程投资、对赌协议、协议控制、外汇登记和税收优惠补缴等问题上丰富着中国证券法律。其所折射出的更是企业需求、市场实践与制度供给之间的精彩互动。 Red-chip structure of the return of A-share companies is the embodiment of the global stock market and regulatory competition. This phenomenon is related to the return of red chips and the return of privatization of red chips to existing and important differences. At the same time, different structures such as equity and assets or agreement-based control have their own characteristics. During the audit, the SFC established the key and exceptional treatment of the offshore shell companies, control of the return and the real demolition of the red-chip structure, information disclosure and compliance requirements. Nearly 20 examples were red-chip, return investment, Agreements, agreement control, foreign exchange registration and tax concessions, and other issues to enrich China Securities Law. What it reflects is the wonderful interaction between business needs, market practices and institutional supply.