HABÉIS COMPRADO ACCIONES DE ALIBABA? Pues siento deciros que no las habéis comprado en realidad:

But the publication of the company’s prospectus in May raised further fears about Alibaba’s corporate governance. Due to restrictions on foreign ownership, investors in China’s technology companies do not actually own shares in the license-holding company but in an offshore registered VIE, or variable interest entity, that simulates ownership via a series of contracts and directs cash flows to investors.

That presents two nightmare scenarios: insiders could make off with the company’s assets by simply removing them from the VIE; or China’s courts, which have turned a blind eye to the practice for more than a decade, could suddenly strike down the structure.

The first variant is especially acute given Alibaba’s history with Alipay. Add to this the complicated shareholding structure and the risks were obvious.