缩小中国在德国跨境上市的法律差距—司法管辖区上市和发行要求的差异

发布时间：2022-02-08 20:31

　　根据以往中国公司执行上市的案例表明了国际化交叉上市深受中国公司的欢迎。以D股在法兰克福中欧国际交易所上市做为二次上市是国际交叉上市的形式之一,这种形式向中国公司提供了除现有上市渠道如香港和纽约外的一个全新的上市渠道。法兰克福,做为欧洲主要的金融中心,代表着对中国公司极有吸引力的上市地点并为发行人提供进入投资者新团体的通道。同时,非中国投资者不需要遵守严格的监管和外国投资在中国（PRC）的技术障碍[1]就有机会在D股市上投资中国公司。本论文对两个司法上市机制进行了比较,为未来的发行人提供了对申请流程更好的理解。整个上市和发行过程分为三个阶段,这项工作突出了每个阶段的主要步骤。最大的差异在于由国家监管机构管理的审批流程以及为这些审批保留的期限。在中国的IPO上市需要得到中国证监会的批准和实质性的定性审查。中国证监会要求所有指标都是盈利的。这不同于德国的审批系统如德国联邦金融监管局（BaFin）仅批准招股说明书而不进行定性审查。本论文将提供相关法律,法规和规则的整体回顾。 

【文章来源】：北京外国语大学北京市211工程院校教育部直属院校

【文章页数】：107 页

【学位级别】：硕士

【文章目录】：
LIST OF SYMBOLS & ACRONYMS
Chinese Version / 摘要
English Version
ACKNOWLEDGEMENTS
1. INTRODUCTION & MOTIVATION
2. RESEARCH FOCUS
3. BACKGROUND & LITERATURE REVIEW
    3.1 Overview of the Chinese Stock Market
        3.1.1 Introduction of Chinese Regulatory Authorities
    3.2 Overview of the German Stock Market
        3.2.1 CEINEX-a new Marketplace for D-Shares in Frankfurt
        3.2.2 Introduction of German & European Regulatory Authorities
    3.3 Historical Relevance of Cross-Listings on an International Scale
    3.4 Different Forms of Cross-Listings around the Globe
    3.5 Overview of Selected China-related Share Types Overseas
        3.5.1 D-Shares-a Special Case of Chinese Cross-Listings Abroad
    3.6 Relevant Legislative Framework for D-Shares
4. ANALYSIS
    4.1 Legal Framework Governing the 'Exploration & Preparation' Phase
        4.1.1 Requirements stipulated by the Company Law of the People's Republic ofChina
        4.1.2 Requirements stipulated by Securities Law of the People's Republic ofChina
    4.2 Phase 2-Chinese Regulatory Approval
        4.2.1 CSRC Measures for the Administration of Initial Public Offering andListing of Stocks
        4.2.2 Special Regulations of the State Council concerning issuing and listing ofshares overseas by company limited by shares
    4.3 Phase 3-German Regulatory Approval & Listing
        4.3.1 Requirements stipulated by the German Securities Trading Act
        4.3.2 Requirements stipulated by German Exchange-Approval Regulation(Borsenzulassungsverordnung, Bors VO)
        4.3.3 Securities Prospectus Requirements stipulated by the European ProspectusRegulation and German Securities Prospectus Law
        4.3.4. Relevant Exchange Rules of the FWB to be Considered by Issuers
        4.3.5. CEINEX General Terms and Conditions Covering D-Share Issuance
5. CONCLUSIONS
    5.2 Outlook
6. ENCOURAGEMENTS FOR SUBSEQUENT RESEARCH
7. BIBLIOGRAPHY
A. APPENDIX
    A.1 Biographical Sketch


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期刊论文
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