Study Of The Chinese Enterprises’ Overseas Listing

Chinese enterprises’overseas listing means a company or organization incorporated in China do the initial public offering directly or indirectly in New York stock exchange, Nasdaq stock echange, Singapore stock exchange, London exheange stock and the other overseas stock exchange. The Chinese enterprieses’overseas listing not only supervised by the law and regulations of the stock excahnge country and its stock exchange committe but also supervised by the State Asministration of Foreign Exchange, Revenue, Acquisition department of China. At the present, Chinese supervision department includes China Securities Regulatory Commission, Commerce department and People’Bank of China which were governed by the State Concil and they are authorized to issue administrative regulations and execute their administrative power. The study of the Chinese enterprises’overseas listing could help us to understand the difference of securities issuance and supervison system between several countries and practical operation concerning revenue policy, currency floation and so on. This thesis mainly includes the follwing major points:The first part refers to the defeinition and law principal of overseas listing and stated substance over form manner in defining overseas listing. Furthermore, it introduced the development condition, supversion system and characteristic of the Chinese enterprises’overseas listing.The second part focus to the analysis of VIE structure, including the substance and form of VIE agreements, the purpose of the VIE structure is to combine financial statement, the enforceament of the VIE agreements and finally concluded that VIE structure are legal and valid.The third part studies on the foreign echange supervison of the Chinese enterprises’overseas listing, which is the key process of overseas listing and the process is complex and has lots of holes which will cause the foreign currency flows into limited and even forbidden areas.The forth part concerns the legal supersion of the Chinese enterprises’overseas delisting including delisting actively and passively. Delisting actively usually includes the privatize process through acquisition, dismatling the red-chip. Delisting passively normally due to the the stock liquidity and the devidend distribution is too low.The fifth part introduces the international combination of securities market.