A Research On The Standard Of Penetration Of "Three Types Of Shareholders" In Capital Markets

The capital market provides a platform for fundraisers to solicit investments.Initially,investors mainly include institutional investors(legal institutions)and individual investors(natural persons).With the gradual development and improvement of China's capital market,a new type of investors-three types of shareholders-has entered the capital market,which has brought challenges to the construction of the capital market system."Three types of shareholders" refer to the shareholders in the form of Asset Management Plans,Contract Private Equity Funds,and Trust Plans,all of which are established in a contractual relationship as a form of fund organization.Due to various reasons,it is temporarily impossible to obtain the same shareholder status as other natural and legal persons.“Three types of shareholders” are neither institutional investors nor individual investors.Therefore,the investment channels are not smooth,especially when the invested company plans to IPO.At the same time,due to the non-public nature of “Three types of shareholders” and the risks of multi-level nesting,benefit transmission and shareholding,it is difficult for intermediaries to conduct a thorough penetration check of “three types of shareholders”,which is inconsistent with the full penetration standards of the regulatory standards of the regulatory authorities,leading to failure to meet the requirements for information disclosure of listed companies.The regulatory level has different attitudes towards“three types of shareholders” in different trading markets,making them into more embarrassing situation.With the development of the market,the regulatory level has required “three types of shareholders” to penetrate flexibly,which also raises the questions: Are they eligible to be shareholders of the company of IPO? How should they be penetrated? When can penetration be exempted? This thesis is based on this problem and discuss the penetration standards of "three types of shareholders".Firstly,the thesis starts with the regulatory changes,confirming the possibility of "three types of shareholders" becoming the qualified investors of capital markets.Secondly,on the premise that “three types of shareholders” can be penetrated,it researches the M&A market which is initially required for information disclosure,and re-establish the bottom-breaking standards;and gets the conditions where “three types of shareholders” are exempted from penetration in the present allowed directional issuance of new third board.Thirdly,based on the capital market's regulatory requirements for IPO and with many recent IPO cases,a penetration standard suitable for different types of “three types of shareholders” has been developed according to different penetration their respective needs.Lastly,according to the obtained standards hereof,suggestions are made for regulatory level to review the penetration,and a guiding direction is provided for the intermediary agencies in practical operations.