Study On The International Listing Of Domestic Enterprises

Nowadays, more and more domestic enterprises go to list abroad for collecting capital. However, the international listing always meets some obstacles in China laws, and the enterprises often accomplish the international listing in illegal way. The reason for this is the laws and regulations with regard to the international listing of the domestic enterprises and the definition of the indirect international listing are obscure or still blank. Therefore, the study on the mode, supervision, restructure for listing and legal techniques of the international listing appear very necessary and important. This article includes 5 parts: The general introduction analyzes the background and motivation of the international listing. The author sums up 5 times of the international listing and analyzes their rise and fadeaway. In this part the definition of the red chip is given. The first part is to study on the 5 models of the international listing. The author illustrates their rise, development, advantages and disadvantages of each. So this part tells the domestic enterprises or natural person how to choose the model of the international listing. The second part is with regard to the supervision of the international listing. Firstly, the author looks back the history of the supervision of the China Securities Regulatory Commission (CSRC) on the international listing. Then, the author points out the problems in supervision organ, content and manner. At last, the author suggests clear the relationship of CSRC and China securities Commission make and improve the relevant laws and regulations and supervise the international listing in an appropriate manner. The third part is to research on restructure for listing. Restructure is an important step to the international listing. The author analyzes the restructure plan and restructure of the main business. Specially, the author discusses the mode of the asset inpouring and the asset peeling off. The fourth part points out the legal techniques when listing abroad. The author includes that when listing abroad the accounting law, tax law, industrial polices and the listing rules of the foreign countries should be paid attention. The author focuses on the listing rules of SEHK and GEM, Singapore Exchange Limited (SGX) and Stock Exchange Singapore Dealing and Automatde Quotation System (SESDAQ), New York Stock Exchange (NYSE), American Stock Exchange (AMEX) and NASDAQ, which is of importance to the international listing.