On The Secondary Offerings Legal System In China

The system of secondary offerings is an important part of the recent IPO reform. Both in academic and practical terms, this preparation is inadequate. In the new IPO opened in January, the secondary offerings caused great controversy in society. Whether the system of secondary offerings as expected could solve the problem of China’s "three highs"? Where is the deeper reform of the? It’s very important and urgent to answer the question.The article adopts the method of comparative analysis, normative analysis and others. It analyses the basic characteristics of secondary offerings system, the main pattern, the pros and cons and legal barriers; and then through the analysis of China’s secondary offerings system, the paper discusses the possibility to solve the problem of "three highs";it put forward the way to improve our secondary offerings system.Besides preface and conclusion, the full text is divided into three chapters.The first chapter deals with the characteristics, advantages and disadvantages of secondary offerings system. It introduces the main distribution model and analysis the advantages and disadvantages, introduces the two kinds of typical secondary offerings system. It analyses the China’s secondary offerings system obstacle and the modification Suggestions are presented.The second chapter discusses the influence of the secondary offerings system in China on the "three highs". It make a brief introduction and analysis to our country "three highs", describes the way current secondary offerings system to solve the inhibition of super offerings, analyses the influence of China’s secondary offerings system on the "three highs", puts forward the essence of the "three highs" problem and the solution is not in secondary offerings, but in the market. The secondary offerings are under the environment of marketization. And the solution of the super fund is to modify the ratio of 25% which is the current equity of the total equity ratio (the total equity under 400 million).The third chapter puts forward Suggestions to the reform of secondary offerings system in China. Starting from the top design, registration system and marketization lead that secondary offerings’ reform. It make the four aspects of the proposal; include limiting the affiliated party secondary offerings, restricted distribution proportion of different situation, the requirement of information disclosure and cash funds of locking and regulation. Stock of effective practices need to form a complete set of system of the distribution system, group lawsuit system and the secondary market of short selling system of stock issue is of great significance.