The Split Share Structure Reform In China After Anti-takeover Strategy Study

Upon the completion of the Reform of Share Structure Division (hereinafter refereed to as"RSSD"), the hostile takeover in China is now released, which means the takeover and anti-takeover in China stock market will become more and more often accordingly. Takeover and anti-takeover are just like brothers. One takeover measure is often followed by an anti-takeover measure. As the takeover becomes much easier due to the RSSD, more and more companies decide to adopt anti-takeover measures. The main contents of this article include: the introduction of the international anti-takeover measures and the legislation system in relation to the anti-takeover measures in foreign countries such as America and UK; the introduction of the current situations regarding the takeover and anti-takeover in China stock market after RSSD; the possible anti-takeover measures under Chinese anti-takeover legislation system; the anti-trust measures adopted in anti-takeover action under the new anti-trust law of China and how to develop China's anti-takeover legislation system. Analytical positivism jurisprudence, dialectic method and case study are adopted in this article. Analytical positivism jurisprudence focuses on the analysis of the regulations system, the logic and the rationality of the formal order. The analysis on the anti-takeover legislation and legal regulations of the anti-trust law of some countries is a kind of analytical positivism. The dialectic method is adapted to analysis the different attitudes of the shareholders and the board of the company and the two different sides of some anti-takeover measures. The case study method is frequently used in this article also. This article is divided into five chapters. The main content of the first chapter is analyzing the characteristic of both takeover and anti-takeover after RSSD. In chapter two, this article discussed the international anti-takeover measures and representative cases and compared the anti-takeover legislation and relevant measures in different countries. In chapter three, this article discussed the reasons why some anti-takeover measures can not be applied in China under current anti-takeover legislation system. Then this article further discussed the anti-trust measures used in the anti-takeover action under the newly released anti-trust law of China in chapter four. At last, this article gave some advices on the anti-takeover legislation of China in chapter five.