Chinese Companies Listed Overseas Legal And Regulatory Research

Since 1970s, with the globalization of stock market, cross-boarder listing has grown into an important trans-national financing means of the corporations in many countries. Cross-boarder listing has produced the considerable impetus to the development of corporations and augmentation of economics in many countries. While at the same time, it has challenged their supervision systems: How to prevent the unfavourable effects to the country caused by the trans-national capital circulation so as to make the stock market open and put the legal supervision in a virtuous circle? How to effectively restrain the trans-national stock criminal acts in order to protect the interests of the investors? How to resolve the problem of the conflict of laws of trans-national supervision among the countries? Many countries have devoted great effort to perfect their legal systems of trans-national supervision, and have done their utmost to build up the legal institution of coordination and cooperation.It started from 1984 that the corporations in our country were listed abroad. But it has only ten years' time to develop on the right track. No matter what case it is, the company of China willing to be listed overseas or the foreign country accepting our company to be listed there, it is a kind of international financing conduct on the surface. In fact, it is a kind of joint operation for profit between the company and the overseas district. In view of the characteristics of cross-boarder listing company — on-broad, trans-national and 'two-fledged in and abroad', the common desire for both sides to implement dual supervision and trans-national supervision has been expressed to protect their own benefits. Dual supervision is the necessary means to maintain and balance the interests of all sides, which is the form of division of the supervision responsibilities. Thus, the conflict of laws is caused, but it must be conducted in a harmonious and co-operative way. Trans-national supervision, on the other side, is another term...