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Research On The Applicability Of The Dual-class Share Structure Of Public Corporations In China

Posted on:2017-01-01Degree:MasterType:Thesis
Country:ChinaCandidate:L QianFull Text:PDF
GTID:2296330488460199Subject:Law
Abstract/Summary:PDF Full Text Request
Although the dual-class share structure deviated from the principle of "one share one vote", in the global market has been recognized especially in USA. Considered to be a violation of the principle of same shares same right of the Chinese Stock Market and HKEX Listing Rules, Alibaba group holdings limited liability company using the dual-class share structure in the United States caused a huge concern and controversy. Prior to this, a number of US-listed "China Concept Stocks" Corporations were sued by US class law firm, most outside court reconciled, but there were situations encountered forced to withdraw from the market. A large number of domestic enterprises who insisted on the dual-class share structure with no other choice can only be listed in the United States, but due to lack of experience, differences in legal, eventually ended up in litigation was forced to withdraw from the market often. In view of the situation, the author carried out a series of thoughts. Based on the above issues, the essay analyses how the dual-class share structure to make the control right of the corporation to be maintained, the positive and negative influences of corporate governance, and discusses the advantages and disadvantages of the dual-class share structure. By researching on the Alibaba Group, Facebook and other corporations, who adopted the dual-class share structure, to explore the feasibility of different voting shares in the listed corporations under the framework of Chinese laws and regulations. By drawing on the experience of foreign related system design, provides more trend judgments and suggestions for the development of the dual-class share structure in China, so as to promote the revision of relevant laws and regulations of China, and make the securities market rules design better respond to the reality of the market demand.
Keywords/Search Tags:Dual-class Share Structure, Control Rights, One Share One Vote
PDF Full Text Request
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