China Depository Receipts Legal Issues Studied

With China'opening up to the outside world ,its securities business is to step forward an international opening situation and realize the interosculation with the international securities business gradually. In order to promote the transformation from state-owned enterprise to modern enterprise and the standardize, internationalize development of Chinese securities business, it is necessary to exploit new variety of financial trading after China's entry into the WTO. The internationalization of securities business include two sides: one is the internationalization of the financial channel for China's enterprises; the other is the internationalization of investment channel of Chinese investors which educe a new word-CDR. CDR was firstly put forward by Chinese enterprises in Hong Kong.The first chapter: Introduction of DR, include the conception, variety, the reason why it come into being and the legal character of DR; mechanism of issuing DR; different opinions about DR; similarities and differences between DR and domestic stock.The second chapter: Main body of issuing DR and the interrelations between them.The third chapter: The shortage of DR in protecting the investors, both ADR and CDR.The fouth chapter: How to perfect the protection of investors both in ADR and CDR.The fifth chapter: Rethink of how to protect the investors, include DR's exceed to traditional theory of shareholder's rights.The sixth chapter: litigable protection of investor's rights, include litigable character of DR cases; jurisdiction conflict of DR cases and connect factor of jurisdiction; problems related to law application.