Legal Regulations On The Reduction Of Shares Held By Major Shareholders Of Listed Companies

Major shareholders of listed companies,especially the controlling shareholder,are generally company,decision of insider information,compared to the small shareholders has more information advantage,easy to hold shares of the company in the reduction process,the stock market order and even unrest,have a greater impact.Therefore,the system of information disclosure supervision department for bulk stock is about making investors hold a certain proportion of the shares of listed companies and the proportion reached(China's "Securities Law" provisions of the ratio of 5%)after each change a certain proportion of shares shall fulfill the obligation of information disclosure system.This system is conducive to preventing insider trading and manipulating the market,ensuring the sustained and stable development of listed companies,and protecting the legitimate rights and interests of investors.The large shareholders of listed companies take account of their own interests,in the process of selling the company's stock,it is easy to occur excessive proportion reduction and other irregularities.In recent years,major shareholders of listed companies illegal Holdings has presented multiple trend,therefore,to strengthen the stock holdings of major shareholders of listed companies supervision is an important measure to protect the legitimate rights and interests of small investors in the securities market,purification,has far-reaching significance.For nearly a year of shareholders of listed companies to reduce the problems,such as large shareholders to "bridge holdings to circumvent the centralized bidding transactions to reduce the number of restrictions,the major shareholder of the use of the advantages of information precision reduction,directors,supervisors and senior executives to resign by way of avoiding man-made reduction rules malicious" reduction behavior of China,the Securities Regulatory Commission in May 27,2017 issued a "listed company shareholders,directors and supervisors of the high holdings of shares of a number of provisions",the Shanghai and Shenzhen Stock Exchange also issued rules,improve the reduction of new regulations.In the new regulations to maintain the current lockup period,the reduction of the ratio of the number of basic specification and other relevant rules unchanged,specifically focusing on the problems of current reduction system to make further improvement,effectively regulate the shareholders' holdings of shares,to avoid concentration,sharp and disorderly reduction of operating level two disrupt the market order,the impact of investor confidence.This article tries to shareholders through objective analysis of listed companies to reduce the excessive phenomenon of existing legal regulation and to perfect the various,targeted to introduce foreign advanced legal system of the securities market,combined with the reality of China's securities market,combined with the protection of the interests of investors,put forward recommendations to improve the relevant legal system in order to prevent large shareholders,large-scale reduction phenomenon happening again,so as to establish a harmonious and win-win and stable stock market.The main contents of this article are large shareholders' holdings in listed companies from four aspects: the phenomenon of large shareholder reduction,typical cases,motivation analysis and the impact of large shareholder reduction.The second chapter is on the basis of the first chapter,pointed out the necessity of regulation to reduce the phenomenon of large shareholders,according to the provisions of the current law system of the securities market and gaps,according to the actual situation of China's securities market,according to overseas advanced system,for our country to improve the legal system for reference.The third chapter,makes a specific legal assumption on how to improve the legal system of the securities market in order to regulate the reduction of the large shareholders.There are still many deficiencies in this view,but we hope that we can make some contribution to improve the legal system of the reduction of large shareholders in China's listed companies.