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IsChinapushingVCsoutofthird-partypayment?JackMaiseverybitetheinternetpioneer.InAlibaba.com,hecreatedChina’sleadingbusiness-to-businesstradingplatform;TaobaosweptasideeBaytobecomethenumber-oneauctionwebsite;andthelaunchofAlipay,athird-partypaymentservice,pluggedaholeinthee-commercemarket.Lastyear,Maaddedalesssavorylinetohisresume:hebecamethefirstChineseCEOtobreakavariableinterestentity(VIE)contract,thestructurethroughwhichforeignersinvestincertainkindsofChinesecompanies.Ma’sactions,whichonlybecamepublicinJune,wereintendedtooffsetregulatoryconcernsaboutforeigninvolvementinChina’sthird-partypaymentindustry.HedidthisbytransferringownershipofAlipayfromAlibabaGrouptoadomesticfirmofwhichheisthemajorityshareholder,therebyremovingthesubsidiary’sexposuretotheVIEthatsecuresYahooandSoftbank’sfinancialinterestintheparentcompany.Theforeignfirmsopposedthemoveatboardlevel,sayingitroderoughshodovertheirinvestmentagreements.Thisapparentviolationofshareholderrightsandfiduciaryresponsibilitysetsaworryingprecedentforventurecapitalfirmsthathavebackedthird-partypaymentproviders–andalsoforthosethatinvestthroughVIEsingeneral.“GPstellLPsthatthereisapotentialtotallossscenario,whichcreatesawaveofpanic,”saysRockyLee,managingpartnerforAsiaatCadwalader.“Thisiswhatgetsmeonthephoneat2a.m.talkingtoLPsandfundsinCalifornia.Theseguysmayhave50otherportfoliocompanieswithVIEs.”MarketleaderAlipayiswithoutquestionthedominantforceinChina’sthird-partypaymentmarket,havingbeenintroducedin2005tosupportTaobaousers.Itaccountedforjustover50%ofthe$156billionintransactionsprocessedbyallserviceproviderslastyear,accordingtoiResearch.Tenpay,ownedbyinternetplatformTencent,issecondon20%,whilenoothercompetitorhasadouble-digitmarketshare.By2014,themarketisexpectedtobeworth$636billion.Thisrapidgrowthintransactions,whichistakingplaceoutsidetheformalbankingsector,caughttheattentionofthePeople’sBankofChina(PBoC).Lastyearitannouncedthatallparticipantswouldhavetoapplyforlicenses,andthatthosewithforeigninvestorswouldbesubjecttoseparatereview.ThefirstroundoflicenseswasissuedinMay,with27companiesmakingtheshortlist,includingsomethathaveinthepastreceivedforeigncapital.Upto30moreapprovalsareexpectedbeforetheimplementationdeadlineonSeptember1.ThePBoChasalsoindicatedthatforeigncontroloverthesecompanieswillnotbetolerated,eitherdirectlyorindirectlythroughVIEs.“Ibelievethereasontheyarefocusingonthird-partypaymentisbecauseitrelatestothebankingsystem,”saysDavidWang,apartneratPaulHastingsinShanghai.“TheyarenotreadyforforeigninvestorstobecontrollingthataspectofthefinancialservicessectorinChina.”Theapproachisnotaltogethersurprising.GiventhatPayPalfallsundertheremitofAmerica’sbankingregulators,itisunderstandablethatChinamightwanttoextenditscaponforeignownershipoffinancialinstitutionstothird-partypaymentproviders.Accordingtopeoplefamiliarwiththesituation,companiesarebroadlyfollowingoneofthreestrategies:workingwiththeirforeigninvestorstofindanalternativesolutiontotheVIE;terminatingtheVIEcontractandofferingtocompensatetheirbackersatalaterdate;ortellinginvestorsthatthecontractisnullandvoidandthereforenomoneyisowed.ApparentlynegotiationsbetweenAlibaba,YahooandSoftbankareongoing.IthasseparatelybeenreportedthatLakalahasboughtbacksharesownedbyMorningsideVenturesandotheroverseasinvestors.AndsourcestellAVCJthatlocalrenminbifundsarebuyingintoco...