What is round trip investment? A review of China’s round trip regulations – Circular 75, M&A Rules, Circular 106

What is round trip investment?
A round trip investment （返程投资）refers to an investment made by a Chinese resident in a Chinese domestic company through an offshore special purpose vehicle (SPV). For example, where a Chinese resident sets up an offshore holding company (e.g., a Hong Kong SPV or a Cayman Islands SPV) and invests into this [...]