Issuing And Listing System Of Covered Warrants

Historically, equity warrants came before covered warrants, but the latter have surpassed the former and become the main products of the international warrant market in the last few years. Though the stock market has decelerated growth, the number of covered warrants and the total turnover have increased rapidly. Currently the warrants listed and traded in China all serve for the share merger reform (or state share sale reform) and can not be considered as standard covered warrants. However, standard covered warrants can be expected soon. This paper analyzes the basic issuing and listing system of covered warrants in foreign countries and districts and analyzes several problems arising therefrom, so as to establish the issuing and listing system of covered warrants in China. Apart from the foreword and the concluding remarks, the paper consists of four chapters:Chapterâ… : Introduction to Covered Warrants and the Issuing and Listing System thereof. This chapter makes a brief introduction of covered warrants and their legal status, and on the basis of the above, focuses on the issuing and listing system to be deeply discussed about below.Chapterâ…¡: Research into Issuing and Listing System of Covered Warrants. This chapter analyzes the issuing and listing system of covered warrants from the following perspectives: warrant issuer's qualification,warrant listing conditions,issue pricing mechanism,listing information disclosure and further issuing, etc., aiming at establishing the system in general.Chapterâ…¢: Research into Issuing and Listing System Innovation of Covered Warrants. The issuing and listing rules in foreign countries (districts) are developing continuously, but encounter the same challenge as how to maintain a balance between innovation and impartiality. This chapter analyzes several common problems and states the author's opinion thereof.Chapterâ…£: Some Advice on Establishing and Improving the Issuing and Listing System of Covered Warrants in China. Currently the warrants listed and traded in China all serve for share merger reform and can not be considered as standard covered warrants. By reference to both the existing rules and foreign experience, this chapter offers some advice on the issuing and listing system of covered warrants in China.