Research On The Legal Issues Of The Agreement Control Mode Enterprises Returning To The Domestic Capital Market

The agreement control model has long been used by Chinese companies that have grown up to avoid regulatory restrictions on domestic restrictions on foreign investment and go overseas for financing.However,due to the existence of policy risks and legal risks,Chinese companies listed overseas have generally performed poorly in overseas markets.Since the beginning of 2015,more and more red-chip companies have opted to withdraw from the market overseas and return to the domestic capital market.The agreement control structure was dismantled,and the agreement control model has returned to the territory at one time to become a hot spot in the capital market.At the same time,China's legal system environment for the agreement control model is also gradually changing.Since 2015,the regulatory authorities have successively introduced policies to encourage foreign investment,and the reform of the stock issuance registration system has been steadily implemented.Since 2018,the new regulations for depository receipts(CDR)have been issued in succession,marking the return of IPO and CDR dual-track systems to meet the contract control model.The arrival of the era of capital markets.This article aims to analyze the reasons behind the phenomenon of "return",to interpret the regulatory orientation of China's law on the return of the agreement control model to the domestic capital market,and to analyze the two main modes and practical operations of China's contract control model enterprises returning to the domestic capital market.The relevant issues and legal risks that are common in the process of returning to the domestic capital market are described and analyzed,and corresponding legal advice is proposed.