A Case Study Of J Company's Overseas Listing With Dual Ownership Structure

Ownership structure is the key of modern corporate governance structure and an important system to balance the rights and interests of enterprises.According to the provisions of the Company Law of our country,the equity structure with the same shares and the same rights is currently implemented in our country.However,in recent years,with the rapid development of the Internet industry,many industry giants have chosen dual ownership structure to list overseas.On May 22,2014,the opening bell of J Company formally sounded on the NASDAQ Stock Exchange in the United States,becoming the third largest Internet listed company in China after Tencent and Baidu.One of the focuses of attention is the dual ownership structure adopted by J Company.However,the non-identical ownership structure chosen by J Company has been rejected by mainland China and Hong Kong Stock Exchange.The first part of this paper describes the research background,research significance,research status at home and abroad,and describes the background of the case;the second part introduces the relevant concepts and theoretical basis to provide the theoretical basis for the full text;the third part introduces the basic situation of J company,combs the financing process of J company,and briefly analyses the choice of J company.The fourth part analyses the rationality of J company's dual ownership structure.It is imperative for J company to choose overseas listing financing.The dual ownership structure just resolves the contradiction between equity financing and control right transfer risk.At the same time,the author puts forward his own opinions on the development and hidden dangers that the dual ownership structure will bring to J Company.Finally,the conclusion is drawn that,under the background that many enterprises in our country use regulatory arbitrage to go to foreign capital markets,whether our country should appropriately relax the restrictions on dual ownership structure.However,a premise that can not be ignored is that we must establish a dual ownership structure to adapt to the regulatory system,strictly grasp the boundaries of control rights,as far as possible to maintain the rights of external shareholders and ordinary investors,in order to maintain the stability of the capital market environment.