Analysis Of Legal Issues. Chinese Companies Listed Overseas

Chinese companies listed on overseas stock markets began in the 20th century 90's. With the global economic integration and rapid economic development of China, more and more Chinese companies go out of country through various channels, seek for listing overseas capital markets. Overseas listing, on the one side, the China's enterprises can use of international capital, better participate in the global competition and enhance the efficiency of use of world resource. It helps to improve the competitiveness of China's economy. On the other hand, overseas listing also helps Chinese companies to establish modern enterprise system, improve the structure of administration, and enhance the enterprise's international reputation. Therefore, overseas listing is significant for Chinese companies.As the name implies, overseas listing is listed on oversea stock markets or regional market. Securities issuers and investor usually come from different countries or regions, which also leads to more complex legal relations and legal issues. Different countries and regions based on their interests, need to supervise it. Company listed oversea, it is necessary to accept supervision from their country, but also from the States listed. If these companies cannot effectively deal with the supervision of both sides, they will take a lot of legal risks. To Chinese government, how to balance the regulation and economic relation, and prevent the loss of stated-owned asset is a large problem to government.The thesis formed by four chapters. They are analyzing the above-mentioned legal relations and legal issues. The first chapter starts from the legal relationship of oversea listed companies. First section, we make clear some similar concepts of the overseas listing stock market. This thesis focused on the stock market, rather than other financial instrument. Then, we analyze the legal concept of overseas listing. Lastly, we define the legal characteristics of overseas listing. The second section focused on analyzes the legal relationships of overseas markets, and straighten out the legal framework for regulation of the overseas markets. It is noteworthy that this section, we did not use the term of "legal relationship of overseas listed company" , but used the term "legal relationship involved overseas listed company" . The third section, we systematically show significance of oversea listing, it not only improve the enterprise development, but also promote the development of securities markets in China.In the second chapter, we solved the practical legal problems of the overseas listed company. First, we analyzed the model of listing on the oversea market and introduced the two basic model-direct listing and in direct listing. And we analyzed their different legal status. Then we introduced the condition of listed on overseas stock markets. In this part, we discussed the rigid condition of China that set to supervise the listed on overseas stock markets. We also introduced the basic condition of overseas major stock markets. We listed the detail condition of Hong Kong stock markets, Singapore stock markets and the U. S. stock market. Finally, we concern the procedures of listed on the oversea market, we sums up the listing the different processing between the direct listing and indirect listing.In the third chapter, first of all, we analyzed the impact of the overseas markets to the China. So, we show the necessary to supervise the listed on overseas market. And we also analyzed the legal characteristics of regulation of overseas stock markets and the current states of China's supervision. This part mainly includes two parts, one is the regulatory body, and the other is the existing regulatory laws and regulation.The fourth chapter is the end of the thesis, points out the legal problems of legal supervision of china for overseas listing. And we learn from the advanced experience and regulation of foreign country, and target the existing problem of China supervision in the field, and put forward our own ideas.In the part of supervision of listed overseas, the thesis is more interested in China' s national interests and the balance between the development of enterprises and effective supervision of the enterprises. We did not discuss more about that the listed state supervise the China' s enterprises, they are scattered in this thesis.