The Study On Legal Issues Of Transnational Companies' Listing On China's Securities Markets

With China's accession to the WTO, the financial industry has accelerated the pace of opening up to the world. The internationalization of China's securities market is also increasing. The subjects of investment are becoming increasingly diversified. QFII institutional investors become an important capital market forces. In recent years, China's Securities Regulatory Commission strengthens the legal system of the securities market and deeply publishes the crimes of securities market, so that a good legal environment for the securities market is formed. Since reform and opening up, China's economy is sustained, rapid and healthy development. China has become the third largest economic power in the world. Under the economic globalization, China's economy has a pivotal position in the world economy. The Chinese government has repeatedly shown the attitude and determination of multinational companies listing on China's securities market, which inputs fresh blood to the Chinese new securities market. The internationalization of China's stock market has taken a key step. However, multinational companies listing in China is a new subject, which still faces many legal obstacles.Under the background of the internationalization of securities market, this thesis mainly studies the listing of transnational corporations and analyzes the eligibility and the conditions for listing, information disclosure system, the market mergers and acquisitions, foreign exchange control law. Among them, as to the listing qualifications of transnational companies, this thesis mainly analyzes two basic qualifications: one is that multinational companies have a good, sustained, stable business in China; the other is that the main assets are in China. In terms of information disclosure of transnational corporations, this thesis analyzes quantitative risk factors, early warning system for holding, intermediary information disclosure. As to multinational mergers and acquisitions, this thesis discusses the determination of the nationality of legal persons, leveraged buyouts, mergers and acquisitions provisions, application of the law. In terms of foreign exchange regulations, this thesis analyzes the effectiveness of foreign exchange controls, profit re-investment on foreign exchange controls. Through the analysis of the legal issues faced by transnational corporations listing on China's securities market, the proposals are put forward to clear the legal obstacles of multinational corporations listing on China's securities market.