The batch of companies that restructured for U.S. IPOs back in the day is now being hit with tax back-payments. Listed company Qudian has released its mid-year performance report, and it mentions that the company’s Chairman and CEO, Luo Min, recently received a notice from the Xiamen Tax Bureau. The reason? Years ago, the company underwent an equity restructuring, transferring shares from Luo Min’s personal name to an affiliated company. Under tax law, this is considered a personal stock sale by Luo Min, subject to a 20% capital gains tax. Now, the Xiamen Tax Bureau has issued a notice saying this tax must be paid, and Luo Min has already declared 790 million yuan. But here’s the catch: other similar historical restructurings are also under review, which could mean even more taxes to pay. And it’s not just this case—there’s a chance the entire group of Chinese companies listed in the U.S. could be under scrutiny. After all, many companies back then did similar maneuvers, restructuring shares for VIE setups to go public in the U.S., involving executives, early large-option holders, and others.