Reserch On Legal System Of Chinese Depositary Receitps

In the era of technology-based enterprises' frequent departures,the introduction of Chinese Depositary Receipts is really a way to welcome the return of high-quality capital and even pave the way for other overseas companies to achieve listing in the mainland.From the resumption of the discussion on Chinese Depositary Receipts by CSRC to the issuance of relevant supporting documents,the legal system framework of Chinese Depositary Receipts has been basically completed.However,the seemingly complete system at this stage,after Xiaomi company's issuance attempt,has exposed many shortcomings,that is,there are still institutional weaknesses in the face of the special equity arrangement of the issuing company,the pricing of Depositary Receipts and the protection of investors' rights and interests.However,the collision between theory and practice will not make the prospect of the implementation of China's Depositary Receipts full of haze.In the process of trial and error and improvement of relevant systems,China's Depositary Receipts will eventually become a high-quality financial instrument in line with the development law of the capital market in the mainland.This thesis is divided into six parts.The first part describes the institutional value of Chinese Depositary Receipts,and expounds and determines the relevant concepts and legal relations involved in the issuance process of the former.The second part combs the supporting legal documents issued for the implementation of depository receipts in China,and summarizes the content and characteristics of the current relevant systems.At the same time,it introduces in detail the practical case of Xiaomi company applying for the issuance of Chinese Depository Receipts,and takes it as the starting point to carry out the follow-up research;the third part analyzes in detail the potential problems of issuing Chinese Depositary Receipts at this stage on the basis of the previous article;the forth part uses the literature collected from HeinOnline,WestLaw and YueDan knowledge base,and the fourth part is completed;the fifth part is based on the experience of foreign countries to improve the relevant system of Chinese Depositary Receipts;the last part summarizes the main points of the article.