1. In China, management is in China, but the source of funds and registration point are overseas. China currently prohibits foreign control of information companies, and foreign venture capitalists usually refuse to list their companies in the country (in fact, Internet companies controlled by foreign investors cannot be listed in the country, and in the eyes of the China Securities Regulatory Commission, variable entities are illegal).

2. From a regulatory perspective, my country's requirements for listed companies are relatively high, requiring listed companies to be continuously profitable. The corporate structure will not be so complicated. Alibaba's holding structure includes multiple subsidiaries, each of which controls another subsidiary.