Research On Establishing The System Of Super Voting Of A-share Listed Companies In China

Traditional "One-Share,One-Vote Structure" or trendy " Dual Class Voting Structure" with Super-Voting Shares,which is more beneficial for the listed company?This is quite a timeless debate.Globally,the data shows that more and more Stock Exchanges allow the companies to list dual-class voting shares:30 out of the world's 46 major Stock Exchanges currently permit or have historically consented the companies with "Dual Class Voting Structure".Meanwhile,an increasing number of Chinese companies listed in U.S had chosen the "Dual Class Voting Structure":Dated June 2017,33 out of the 116 such companies,account for 28%with 84%of market capitalization of the total,have adopted such voting structures.Basing on the above,the author believes that it is necessary for "Dual Class Voting Structure" to be legally consented by Chinese Stock Exchanges while granting the Chinese A-share listed companies.To fulfill the introduction of "Dual Class Voting Structure" in China,first,this paper will provide the significance,legal bases and legislative techniques by studying with the comparative laws and regulations between China and abroad,and researching on the current listed compaies in China.In addition,this paper will present relevant legislative experience of the other countries for Chinese legislators' reference by going through and comparing the legislative history and status of "Dual Class Voting Structure" in selected countries and regions with either common law or civil law system.In lighting of the above,at the final part of this paper,the author will make 20 specific legislative proposals and reasons to set up such structure.Hopefully,these proposals may make their voice for the legislators to bring "Dual Class Voting Structure" for A-share listed companies in China in the future.