From Sina and NetEase to Alibaba, the VIE structure of Chinese internet companies has been running for over 20 years, with hundreds of companies going for overseas IPOs. There are many stakeholders in this chain—regulators, investment banks, exchanges, and law firms are all well aware and deeply familiar with it. If you think a former Xiaohongshu employee's lawsuit can put an end to Xiaohongshu's IPO prospects, maybe use your brain a bit.