Research On The Dual-class Share Structure Of The Science And Technology Innovation Board Youke De Company

Dual class share structure is an important development direction of domestic and foreign theories and capital market.If a country's economy wants to continue to develop,it must rely on scientific and technological innovation.Only scientific and technological innovation can promote the high-quality development of market economy.At present,China's economy is in an important transition stage from high-speed development to high-quality development.The emergence and development of new technology companies require us to make new reform and innovation in the system.In September2019,the cloud computing service provider Youke de company was registered on the science and Technology Innovation Board of Shanghai Stock Exchange and officially listed on January 20,2020.Youke de company became the first science and technology innovation company listed in the mainland securities market with dual class share structure.Dual class share structure generally refers to the establishment of a differentiated voting system in the form of resolutions of the shareholders' meeting,in which the founding shareholders hold shares with higher voting rights and other shareholders except the founding shareholders hold shares with lower voting rights.Through this structure,the operating control of the company by the founding shareholders is guaranteed.Through the research on the dual class share structure of youkede company,it has important reference value for more excellent technological innovation companies to be listed in the mainland securities market in the future.Firstly,this paper expounds the background of the topic and the significance of the research,then introduces the development of the dual class share structure in the world,the relevant rules of the science and Technology Innovation Board of Shanghai stock exchange and differentiated voting rules,then research the basic situation of youkede company,the characteristics of share structure and the relevant situation of corporate governance,the special voting motivation and the advantages,the risks and the countermeasures.Draw a conclusion upon the research above.Through this study,the following conclusions are drawn: first of all,after the establishment of the dual class share structure listing,Youke de company will improve the capital situation,increase the financing channels and improve the financing ability on the premise of ensuring the dominant control right of the founding shareholders(actual controllers);maintain the stable operation of the company,give full play to the advantages of the founding shareholders;effectively cope with external competition and challenges,and improve Company performance and competitiveness.Secondly,due to the existence of special voting rights,there are still some risks in the actual operation process of the company,mainly manifested in:(1)abuse of voting rights;(2)loss or transfer of control rights;(3)failure of internal and external supervision.In view of these three risks,we should take measures to protect the legitimate rights and interests of small and medium-sized investors,such as strengthening information disclosure and risk tips,strengthening internal control construction and supervision ability,and strictly implementing the supervision and implementation of sunset clauses.Finally,the establishment of the dual class share structure of Youke de company will be conducive to the stability of the founding shareholders and the management team,guarantee the control rights of the founding shareholders(actual controllers),realize scientific and efficient decision-making,promote the growth of R & D investment in science and technology,ensure the steady implementation of long-term investment projects,and ultimately enhance the scientific research strength and market competitiveness of Youke de company.