International joint ventures (IJVs) have been suggested as a vehicle to explore the real option valve for each partner. This paper examines the transferring trend of equity towards foreign partner in Sino-foreign IJVs from the control perspective. Through the analysis of the content, characteristics and evolutionary pattern of control in Sino-foreign IJVs, a framework of transferring mechanisms is developed. On the basis of the exploration of learning option, we suggest that it is crucial for Chinese partners to construct an effective learning mechanism.