面对在境外资本市场的水土不服、境内外巨大的文化差异、境外投资者对中国境内企业的商业环境以及商业模式的理解上存在一定的困难、境外做空机构大肆做空套利，境外上市的中概股们承受着境内上市公司未承受的种种压力，加之境内资本市场逐步开放，融资环境和融资渠道逐步完善，近年来中国资本市场迎来了红筹回归潮，尤其是在2011至2012年及2015年，广大中概股们经历了两波红筹回归高峰。 然而红筹回归方案往往会涉及到巨额的资金需求，复杂的重组方案，以及较高的税务成本和税收风险，处理不当一方面有可能在原本的税务成本基础上，还要额外承担由于不合规处理而产生的罚款滞纳金；另一方面有可能招致税务机关的严厉检查和处理，进而影响到整个重组方案的进程，错过了计划中的回归时间表，甚至还有可能错过境内上市合适的窗口期。因此，在整个红筹回归方案的考量中，比不可少地是对可能涉及到的税务影响以及税收成本的分析和估算，是整个重组方案设计中的关键一环。 本文通过对常见的红筹回归方案的介绍和归纳，以及对当前中国税收环境对于红筹回归方案中必将涉及的股权转让和企业重组的影响，从整体上介绍了红筹回归需要着重考虑的税务处理要点。进而，本文通过三个真实的案例，包括两个正在进行中的案例，和一个已经完成红筹回归并成功通过借壳的方式登录A股市场的案例，对其涉及的典型重组步骤进行逐一分析，分析各重组步骤中涉及的中国税务影响，案例中企业面临的困难和风险，相应的应对措施，以及作者作为案件参与者给企业提出的建议，并提炼出其中可能为广大拟筹备私有化回归国内资本市场的中概股提供借鉴意义的成功的筹划方案。以期为企业梳理红筹回归整体方案设计的思路，需要关注的要点，以及避免触碰的红线，从而为拟红筹回归的企业提供借鉴意义。 最后，本文从几个大的方面，对三个案例中涉及到的中国税务影响进行归纳总结，并分别对企业以及监管机构提出启示和建议，以期未来资本市场间的流动性得以提升，在符合企业发展方向的前提下，更多优秀的中概股企业能够顺利地回归国内资本市场。

Considering that Chinese companies may not well adjusted to the overseas capital market, great gap between Chinese culture and western culture, overseas investors cannot well understand the business environment and business model of the Chinese companies, and malicious short selling, overseas-listed Chinese companies (‘Red Chip Companies’) is suffering a lot. In recent years, Chinese capital market is continuously opening to the world, the financing environment and financing channels are going broad, thus Chinese capital market was ushered in with return of Red Chip Companies. However, the return of Red Chips Scheme will often involve huge capital demand, complex restructuring plan, and high tax cost and tax risk. As with tax treatment, if it is not well conducted, apart from the original tax cost, tax payer will suffer more from additional fines and penalties; on the other hand, the company may receive strict examination by tax authorities, which will affect the whole restructuring process, so that the company may miss the whole timetable, and may even miss the appropriate window period for listing in Chinese capital market. Therefore, consideration of tax cost and tax implications will play a very important role in the whole restructuring plan. This paper introduced and summarized some common Red Chip Company returning plans, and the tax environment for restructuring. Additionally, based on three real cases, including two cases which is still under discussion with tax authorities, and one successful case which has listed in Chinese capital market, this paper analysis China tax implications, solutions and recommendations in each restructuring steps. So as to give reader a whole concept of China tax impacts, points of concern and red lines. Finally, this paper summarizes the China tax effect for the three cases high levelly, and put forward the enlightenments and suggestions to the enterprises and the government, and hope in the future liquidity between different capital markets can be improved, and more outstanding Red Chip Companies can successfully return to the domestic capital market.