Research On The Ownership Of The Anti-acquisition Decision Of Listed Companies

On March 17,2017,“Debate on Vanke equity”who has a stalemate for a long time is coming to an end.China Evergrande annonced that it will transfer the 1.55 billion shares held by the China Vanke(about 14.07% of Vanke total equity)to Shenzhen Metro.No one can deny the classical meaning of the “Debate on Vanke equity”.It certainly will will be the vivid teaching material of acquisition and anti-acquisition strategy of The Listed Companies.In this paper,I will will take“Debate on Vanke equity”' in the anti-acquisition strategy's decision as the clue to analysis on the ownership.And on this basis,I will put forward related legislative proposals,especially for similar Vanke whose shares is highly fragmented.In fact according to authority division of our county's Corporation Law,the decision of anti-acquisition strategies should be assigned to Shareholders Meeting.But in reality,this right belongs to The Board of Directors in Vanke.For most The Listed Companies that is similar to Vanke,its shares is highly fragmented,even as a management,they have a little shares of The Listed Companies.In this case,if The Board of Directors have the right of carrying out anti-acquisition strategies,it will undoubtedly lead to The Board of Directors to keep its benefits and neglect the right of minor shareholders.So it is necessary to make regulation of this kind of circumstance from the legislation.On December 27,2015,China State Council has declared that orientation of reform of verifying system of public stock issue is to establish registration system,and will carry out registration system on March 2016.It is not hard to imagine,as Chinese registration system moved closer,the issue of enterprise standard corresponding reduced,A large number of queued "trial" companies will enter the capital market,resulting in China's a-share market capital of full circulation.The phenomenon of anti-acquisition of The Listed companies will be more common,natural and,for the moment,?Corporation Law?and ?Securities law ? for the lack of guidance and regulating anti-takeover of listed companies,thus to strengthen the regulation of anti-takeover of listed company behavior is particularly important.And this article will also be in reference to the United States and Britain,and on the basis of the model of legislation,put forward the corresponding opinions and Suggestions.