Research On The Legal System Of Chinese Depositary Receipt

In recent years,with the rapid development of China's financial industry and the acceleration of the process of world economic integration,most of the overseas listed Chinese enterprises are eager to return to China's securities market for financing,and China's regulatory authorities are also interested in the return of overseas listed Chinese large-scale scientific and technological enterprises,allowing Chinese investors to share the growth dividend of red-chip companies.In order to realize the scientific and technological innovation and to effectively implement national strategy,Starting with the issuance of the Measures for the Administration of Depository Certificate Issuance and Transaction(Trial Implementation),at the same time,China Securities Regulatory Commission has revised the Measures for the Administration of Initial Public Offerings and Listing,and the Measures for the Administration of Initial Public Offerings and Listing on the Growth Enterprise Market,and also introduced the regulations for the listing,continuous supervision,and due diligence of pilot red-chip companies.The series of normative documents and detailed rules related to supporting documents have basically formed the core institutional rules and regulations of China Depositary Receipts.The Chinese securities market has prepared well to welcome the return of Chinese-funded science and technology leading enterprises in the form of Chinese depositary receipts.Although the rule system of depository receipt system in China has been preliminarily established and the relevant series of rules and regulations only provide principles for certain major dimensions such as the conditions of issuance,the basicinstitutional arrangements for depositary receipts,information disclosure,investor protection and legal liability,the corresponding supporting system has not been perfected,and the depository receipt system in China has not yet been perfected.The relevant laws and regulations system of certificate is still far from perfect.In the process of the actual promotion of depository receipt certificate in China,although the supervisory authorities of our country are constantly innovating,updating and revising the relevant rules,the Securities Law and Company Law of our country have not yet made corresponding amendments,nor have they issued and traded depository receipts in China.So it may lead to conflicts between rules and regulations and laws and regulations.It also means that it may face a series of legal risks and obstacles.This article will use the methods of historical research,comparative research,case analysis and integrating theory with practice to deeply explore and analyze the depository receipt system in China.By absorbing the beneficial experience of the development of foreign depository receipt system,this paper will further study the legal system of China's depository receipt system.Discussion and effective suggestions are put forward from the following aspects.First,the legal interpretation of the present situation of China's depository receipt system will be shown from the concept,characteristics,legal nature and other aspects to provide background information for the whole paper.Second,through case study,the application of China's depository receipt system is investigated in practice.By comparing the experience of major countries and regions in the application and supervision of depository receipts,this paper makes an analysis and summary of China's depository receipt system,and finds out the areas that China's depository receipts need further improvement according to the actual situation of China.Third,some thoughts on perfecting China's Depositary Receipt System are displayed.