Isn't BYD a VIE? Most "internet" (ie tech) companies in China cannot legally be owned by foreigners. And what you get is some proxy based in the Cayman Islands that is circumventing Chinese law. Not something I'd touch with a ten foot pole.
You misunderstand - that doesn't make any difference. Foreigners cannot legally own internet stocks. Of course the Chinese government doesn't care if foreigners purchase internet stock proxies. It's a great deal for them.
