On The Legal Supervision Of Chinese Enterprises’ Overseas Listing

With the Chinese capital market maturing, a lot of Chinese enterprises are seeking overseas listing financing channels.The attitudes of authorities toward Chinese enterprise on issues of listing have the feature of repeatability, thus giving the sign that the securities supervision is complex in such context,as well as the operation:on the one hand, the basis on rights of domestic jurisdiction is insufficiency for the reason that the behavior of listing or trading is outside the country, and on such conditions, large disputes are settled in accordence with the rules of conflict private international law, against the public nature of securities legal disputes, resulting in the passive application of foreign laws by virture of our judicial resourses; on the other hand, based on the equality of sovereignty, the legal supervision of Chinese enterprises overseas listing will show a charactor of overlaps and gaps in jurisdiction.Besides, the theory of soft law is just unfolding,except for the traditional methods of signing of treaty and making regulations and directives legally enforceable, it’s of great significance to innovate and develop the ways of soft laws on the basis of cooperation and dialogue.Cross border listing horizontally involve many issues such as exchange control, industrial policy, state-owned assets and taxes,also longitudinally involve the things such as information disclosure, securities fraud,continuous information disclosure and return investment etc,So this paper tried to avoid the unnecessary overelaborate formalities to detailed this proposition from the angle of macro extraterritorial application of domestic law as well as international regulatory cooperation according to the theory of economics and laws and the soft law and hard law after reading a lot of background material.