Legal Regulation Of Double-level Equity Structure

In February 2017,Snapchat,a social networking platform,was listed on the New York Stock Exchange.It was the first time that A,B,and C Triple Common Stock Structures had been listed.The innovation of Snapchat's dual-tier equity structure was triggered in the US securities market.sensation.In June 2017,Hong Kong published a “Framework Consultation Document on the Establishment and Establishment of an Innovative Version”.The “different rights of the same shares” that had been silenced for two years also attracted heated discussions in Hong Kong.The Hong Kong Securities Regulatory Commission has indicated acceptance of “different shares of the same share”.In the same way,our country's enthusiasm for double-level equity has not been attenuated since Alibaba was listed in the United States.After further inspection,it is not difficult to find that well-known Internet companies using double-level equity structures in China,such as Jingdong,Dangdang,Momo,Sina,etc.,are all listed in the United States.This can not help but think about China's stock companies or listed companies.Is it possible to use a double-level equity structure?This article centers on the development of a two-tier equity structure.First,it shows that it is also a kind of equity structure.The ownership structure determines and affects corporate governance.It is the top priority of the company's business process.Therefore,the double-level equity structure is also one of the shareholders' governance.The selection and detailed discussion of the origin and development of the double-tiered shareholding structure and the analysis of how well-known companies are listed on the stock exchange market using double-level equity structures.Second,it summarizes the attitudes of major countries or regions to double-level equity.This section also clearly clarifies the attitude of our country's law to double-level equity.It explains the underlying reason behind these attitudes,namely,why it supports and opposes the double-level ownership structure.The author's attitude was elicited from the reasons of opposition and support.The author endorsed the adoption of the double-stranded structure.The author's attitude showed a logical pave for the subsequent writing.Thirdly,the conflicts and challenges faced by the double-level equity structure in our country are explained,which are the conflict with the law,the conflicts of interests between shareholders and the lack of corresponding supporting measures.Finally,we give some suggestions on the challenges faced by the double-layer equity in China,that is,China should use the principle of double-level ownership structure,specify which enterprises can use in the form of laws,and rationally design the ownership structure to improve the securities market environment.Provide better protection for small and medium investors.