根据《国务院办公厅转发证监会关于开展创新企业境内发行股票或存托凭证试点若干意见的通知》（国办发〔2018〕21号）中的定义，红筹企业（red chip enterprise）是指注册地在境外、主要经营活动在境内的企业。

具体来讲，红筹企业在中国内地以外地区注册成立，并由中国政府机构控制的公司需要获得国务院的特批，以及通过香港联交所的审核境外非国有企业指在中国内地以外地区注册成立，并由内地个人控制的公司。通常通过返程投资的方式将境外公司上市。外资并购需商务部批准；需到外汇管理局登记；SPV境外上市交易，应经国务院证券监督管理机构批准；需通过香港联交所的审核。

与红筹企业相对应的是“红筹股”，在香港股市中，红筹股是指那些在香港上市，但由中资企业直接控制或持有三成半股权以上的上市公司股份。虽说红筹股是指那些由中资企业直接控制或持有三成半股权以上，并在香港上市的股份，这定义仍然受到一定程度的争议。有一派认为，一只股份是否属于红筹股应以主要获利是否来自中国大陆为判定基准；而香港最具代表性的红筹指数，亦即恒生香港中资企业指数，则属另一派系的代表者，是以中资股东权益比例来决定。

双语例句：

（1）红筹企业在境内发行股票或者存托凭证并在科创板上市，股权结构、公司治理、运行规范等事项适用境外注册地公司法等法律法规的，其投资者权益保护水平，包括资产收益、参与重大决策、剩余财产分配等权益，总体上应不低于境内法律法规规定的要求，并保障境内存托凭证持有人实际享有的权益与境外基础证券持有人的权益相当。

If red chip enterprises issue shares or depositary receipts in China and are listed in STAR Market, and laws of overseas registration place such as companies law apply to the equity structure, corporate governance and operation standard of the companies, their investors’ interests protection level, including asset yields, participation in major decision-making and distribution of remaining properties, shall not be lower than the requirements of laws of China, and the benefits enjoyed by domestic holders of depositary certificates are commensurate with benefits of overseas holders of underlying securities.

（2）试点红筹企业的股权结构、公司治理、运营规范等事项适用境外注册地公司法等法律法规规定的，其投资者权益保护水平，包括资产收益、参与重大决策、剩余财产分配等权益，总体上应不低于境内法律、行政法规以及中国证监会规定的要求，并保障境内存托凭证持有人实际享有的权益与境外基础证券持有人的权益相当。

Where the shareholding structure, corporate governance, operational specifications and other matters of pilot red chip enterprises are governed by the Company Law of the overseas registered place and other applicable laws and regulations, the level of protection of the rights and interests of their investors, including asset income, participation in major decision-making, distribution of remaining property, and other rights and interests, shall be generally not lower than that required by domestic laws, administrative regulations and the CSRC regulations, and it shall be guaranteed that the rights and interests actually enjoyed by the depository receipt holders are equivalent to those available to the overseas underlying securities holders.