Legal Study On The Introduction Of Dual-Class Share Structure In Chinese Mainland

There is no unified opinion on the dual-class share structure in various countries and regions in the world.In China,Hong Kong,which belongs to the Anglo-American legal system,began to reflect on whether it should accept the Dual-Class Shares Structure after missing Alibaba.Internet giants such as Alibaba,JD.com and Tencent,which are widely known,have already chosen to go public in a dual-class share structure.The Hong Kong Stock Exchange’s listing rules announced in April 2018 changed the previous attitude of rejecting the dual-class share structure model,officially bidding farewell to the only model of “one share and one power”,once again bringing the dual-class share Structure into our field of vision.In this context,this paper aims at the problems faced in the process of introducing the dual-class share structure into the mainland region under the legal model of mainland China.Generally speaking,the voting rights model has three modes: traditional one-vote and one-right,typical dual-class share structure,and “Alibaba partners” have nomination rights for board members.Compared with domestic and foreign research literature,domestic research is very rare.However,scholars can basically summarize the views on the support of dual-class shares structure.Supporters believe that the dual-class share structure has advantages that cannot be compared with “one vote and one power”.The negator believes that the dual-class share structure will result in unfair shareholder rights and may bring difficulties in the interests of shareholders and the decision-making behavior of the founders.The attitude of the United States and Hong Kong in dealing with the dual-class shares structure has always been different.On the New York Stock Exchange alone,its attitude toward the dual-class share structure has undergone a lot of twists and turns.The final unified views of the three major US exchanges allow for the dual-class share structure,which is indispensable for the United States to attract high-quality companies to list in the United States.Empirical studies abroad show that the dual-class share structure company works well.In the capital market,the capital of the comrades is huge.The Shanghai Stock Exchange and the Shenzhen Stock Exchange have almost no financing transactions on the New York Stock Exchange.The attitude of the United States and Hong Kong in dealing with the dual-class share structure has always been different.On the New York Stock Exchange alone,its attitude toward the dual-class share structure has undergone a lot of twists and turns.The final unified views of the three major US exchanges allow for the dual-class share structure,which is indispensable for the United States to attract high-quality companies to list in the United States.Empirical studies abroad show that the dual-class share structure company works well.In the capital market,the capital of the comrades is huge.The Shanghai Stock Exchange and the Shenzhen Stock Exchange have almost no financing transactions on the New York Stock Exchange.Thinking about the reasons behind the acceptance of the dual-class share structure in Hong Kong,as well as the legislative space for introducing a dual-class share structure in Chinese mainland,coupled with the blessing of practical experience and the cooperation between the mainland and Hong Kong in securities supervision,I believe that there are double layers in the mainland.The possibility of a shareholding structure.Although the dual-class share structure has its own advantages,it still needs to strengthen the internal governance of the company,strengthen the precautionary measures and the transparency of the information related to the company’s listing,strengthen the relief against the minority shareholders’ rights and interests,and reduce the risk of the dual-class share structure,so that it can maximize its role in Chinese Mainland and promote the development of the new economy.