Im Prospekt kann man nachlesen, was die Rolle des Pledges hätte sein sollen:
"Grid ZG has entered into Cooperative Agreements with Grid FJ and its shareholders described below, through which the Company exercises effective control over the business management, operations and shareholder voting rights of Grid FJ, receives economic benefits generated from shareholders equity interests in this entity and has an exclusive option to purchase all of the equity interests in Grid FJ." (p. 170)
Ferner heisst es:
"In 2010, Grid ZG concluded Cooperative Agreements with Grid FJ and its
shareholders in order to acquire control over Grid FJ. These Cooperative
Agreements have been signed and the Equity Pledge Agreement has been
registered in August 2011 with the Fuzhou AIC. Neither the Company nor any of its
subsidiaries have any equity interest in Grid FJ or its respective participation.
The main operating activities of the Group are carried out by Grid FJ. In contrast,
VSG, Grid HK, Grid ZG and Grid IT have no actual operating activities." (p.168)
Das heisst: das ist keine VIE, sondern eine Kontrollsituation durch Call-Option auf die Grid FJ Aktien. Um die Grid FJ Aktien jederzeit durch Grid ZG theoretisch "callable" zu machen, haben die chinesischen Hauptaktionäre (zumindest einen Teil ihrer) Grid FJ Aktien verpfändet - sprich für einen möglichen Call durch Grid ZG reserviert. Dadurch konnten sie BDO überzeugen, dass Grid FJ kontrolliert war und somit zu konsolidieren ist.
Spannend ist aber was im Prospekt unter Risiken steht:
"The termination condition in the Cooperative Agreements may not be enforceable
Each Cooperative Agreement (as defined in "General Information on the Company and the Group") may be only amended, terminated, cancelled or waived upon an express resolution passed by 70% of the voting rights of the shareholders meeting of the Company. While the Company believes that this clause ensures that each Cooperative Agreement may not be terminated without the aforementioned resolution and that the responsible registration authority, i.e. the Fuzhou Administration for Industry and Commerce (the "Fuzhou AIC"). will not release the pledged shares without such resolution, it cannot be guaranteed that this clause is enforceable and that the AIC will only release the pledged shares in this case. If these risks materialize, this may have an adverse and material effect on the Groups business, net assets, financial condition and results of operations." (p. 63)
Und genau das ist geschehen: die Aktien sind nicht mehr verpfändet (s. Auszug von Fuzhou AIC oben) - und meines Wissens gab es keine "resolution" dazu. Also wurde mindestens auf dieses Risiko im Prospekt hingewiesen...
