搭建VIE结构是外国投资者采取的一种投资中国有外商准入限制的产业的通用方法。但这种方式一直处于一种灰色的法律地带。从中国最高人民法院做出的最近一份有关VIE结构公司的判决来看，有以下几点值得关注：
For foreign investor, it is a common method to set up VIE structure to invest in the industries where China has set limitation on foreign investment. But the legality of such method is still uncertain. From the most recent judgment rendered by the China’s Supreme Court in relation to company with VIE structure, the following points are worth noticing:

1. 一个公司是否是外商投资企业取决于其在工商管理部门登记的股东信息。该公司的注册资本金的现金来源不能作为决定公司性质的依据。就算一个公司通过VIE结构将其股东权利委托给另一个公司行使，该受托方仍然不具备公司法上的股东身份；
Whether a company is a foreign-invested company or not depends on its shareholder’s information registered at the industry and commerce administration. The source of a company’s registered capital cannot be used to determine whether the company is a foreign-invested company or not. Even if a company uses VIE structure to assign its shareholder’s right to another company, such assignee still is not the shareholder as specified by the PRC Company Law.

2. 《外商投资产业指导目录》及《商务部实施外国投资者并购境内企业安全审查制度的规定》系部门规章，而非法律和行政法规，不能作为认定合同效力的依据。
Catalogue of Industries for Guiding Foreign Investment and Announcement of the Ministry of Commerce Concerning the Provisions of the Ministry of Commerce for the Implementation of the Security Review System for Merger and Acquisition of Domestic Enterprises by Foreign Investors are rules issued by the government department. They are not laws and regulations, and they cannot be used to determine the effectiveness of a contract.

3. 行业主管部门的意见和公司的实际经营情况是认定VIE结构是否合法的一个重要因素。
The opinion from the competent authority of the relevant industry combined with the actual business operation of the company is an important factor to determine the legality of VIE structure.

4. 最高人民法院并未在判决中对搭建VIE结构的相关合同的效力做出认定。
The Supreme Court has not determined the legality of the contracts in relation to the setup of the VIE structure in the judgment.