Research On Dual-Class Share Structure Of Sci-Tech Innovation Board

On March 1^st,2019,Science and technology innovation board is officially established.One of the breakthroughs is that it allows companies promotes different rights with the same shares to go public.This make such a difference to science and technology enterprises which meet difficulties in listing and financing.However,the impact that the rule of different rights with the same shares has on our markets must be taken into consideration as well.Therefore,researches conducted on dual-class share structure of science and technology innovation board in terms of legality are of vital importance.Meanwhile it has practical meanings for the perfection of the structure and its sound progress.This paper,based on the logic of research theories,analysis of current situations and bringing out hypothesis,adopts methods such as literature review,comparative analysis and others.Through analysis of specific regulations and rules of possessing different rights with the same shares in science and technology innovation board and comparisons relevant rules in Hong Kong and overseas countries,this paper attempts to find and remedy loopholes,as well as adding to setting of Sunset Clause and perfecting relevant supporting measures.Therefore,this paper firstly introduces and explains the concept of possessing different rights with the same shares,also known as the dual-class share structure.Then,the structure components and value are further analyzed to interpret advantages that couldn't be found in mechanism of possessing the same rights with the same shares.Furthermore,through explanations of the status quo of dual-class share structure in China,combining the advantages of foreign dual-class share structure,it can be realized to forecast in advance and make rational reference,which can serve better the socialist market economy with Chinese Characteristic;In addition,after bringing out bold hypothesis to laws regarding to dual-class share structure and potential modifications,in this paper suggestions to adding to Sunset Clause and putting dual-class share structure into credit system are made.In the end,enhancement on protection to medium and small shareholders can be achieved through continuous improving information disclosure system and relevant remedy system.The progressing impact on the lasting health and stabilization of our markets'economy that the perfection and establishment of dual-class share structure of science and technology board have need to be discussed from all different angles.Hopefully this paper can make valuable suggestions on examples and thoughts for the improvement of dual-class share structure of science and technology board,which to some extent helps the development of the health and stabilization of China's economy.