Reform Of The A-share New Share Issuance System From The New Policy Of Listing On Hong Kong Exchanges And Clearing Limited

Hong Kong Exchanges and Clearing Limited(HKEX)newly formulated "Advisory Summary of Listing System for Emerging and Innovative Industries Companies" which came into force on April 30,2018.The newly revised "Main Board Listing Rules" stipulates that on the basis of the original system,companies with "different rights in the same share" can apply for listing on the HKEX.The chain effect caused by this move is positive and effective.High-quality enterprises such as millet,American Corps and Droplet flock to seek capital listing,which brings new vitality to Hong Kong's securities capital market and new enlightenment to the development of domestic A-share market.The adjustment and application of the dual ownership structure mode has more advantages than disadvantages.The necessity of incorporating the dual ownership structure into the reform framework of A-share new stock issuance system is obvious.It is the proper meaning of the topic to draw lessons from the effective experience of foreign countries,comparatively study the legislative policies,enlarge its feasibility and advantages and put forward reasonable and systematic proposals.The text of this article consists of four parts.The first part is the content interpretation of the new policy of listing on the HKEX.Starting from the background of the revision of the Listing Rules on its motherboard,this paper clarifies why the HKEX should make the revision of the legislative rules.This paper outlines the historical evolution of the reform and the process of amending the law.Finally,it lists the contents of the new listing policy,focusing on the 119 th revision of the listing rules: "Allowing companies with different voting rights to go public" and related laws and regulations,and makes a preliminary analysis.The second part is the analysis in both law and legal system of the dual ownership structure listing system.Firstly,it introduces the relevant theories of foreign countries on dual ownership structure and lists the legislative attitudes of American and British Securities Law and other laws and regulations on dual ownership structure in legislative practice.Secondly,it returns to the legislative mode and legal system of our country,uses the research method of legal hermeneutics to conduct normative analysis of the Company Law and the Securities Law and draws the conclusion about the obstacles to the acceptance of dual ownership structure in the current system and law of our country.In the last section,it expounds the feasibility of the dual ownership structure listing system,and makes positive and negative arguments for the following legislative amendments in order to lay the groundwork for legal and institutional reform.The third part is the analysis of the necessity and feasibility of adopting dual ownership structure in the reform of A-share listing rules.Firstly,the hot issue of Xiaomi's IPO in Hong Kong and other domestic high-quality Unicorn companies that have flocked,show the positive chain effect brought by the new policy of HKEX.Secondly,it compares A-share and H-share in terms of economic indicators and legislative amendment process to show that it is urgent to adopt dual ownership structure in the reform of Listing Rules of A-share.In the last section,starting from the legislative purpose of company law and the current background of new economic environment,it clarifies the general development needs of Internet innovative enterprises to adopt dual ownership structure in order to illustrates the historical inevitability of the article's theme.The fourth part is about the suggestions for the reform of A-share listing system.It mainly includes incorporating the dual ownership structure into the framework of legal reform,attaching some additional statutory audit conditions such as company market valuation,registered capital and so on,to ensure the legitimacy and rationality of the application of the rules.Secondly,it includes the statutory functions and mechanisms of regulatory bodies,information disclosure system of listed companies,securities litigation settlement mechanism,and protection measures for the rights and interests of small and medium-sized shareholders,the beneficial experience of scientific innovation board exploration and other major aspects,to return to the core of the reform ideas.