红筹架构企业回归境内上市的法律问题研究

发布时间：2018-03-19 13:39

本文选题：红筹回归　切入点：协议控制　出处：《华东政法大学》2015年硕士论文　论文类型：学位论文

【摘要】：一般情况下,所谓的红筹回归主要分为两种情况:一种我们称为“红筹股回归”,是指在境外已经上市的中资控股公司同时想要在中国境内投资发行的情况;另一种我们称为“红筹架构企业的回归”,主要是指已经搭建成红筹结构,在境外上市未成功,通过拆除红筹架构达到境内上市的条件,登陆境内资本市场的情况。本文就红筹架构企业在回归上市中的法律问题进行了总结。《关于外国投资者并购境内企业的规定》,也就是俗称的“10号文”2006年的出台以后,股权并购式的红筹架构再难搭建。同时受金融危机的影响,从2009年开始,境外资本市场陷入低迷,中国概念股遭遇诚信危机,屡屡受挫。反观中国,近年来,资本市场不断改革和开放,股权分置改革的完成、创业板和新三板的推出、上海自贸区的成立、沪港通的开启,都标志着中国资本市场日益成熟。同时我国还积极探索推出国际版,审核制向注册制转变,希望中国的资本市场能够与国际资本市场更进一步接轨。中国资本市场的吸引力越来越强,绕道海外上市的民营企业开始放弃海外市场,转而寻求境内上市。中国证监会对于回归企业持开放态度,但是出于方便监管的考虑,要求拟通过发行A股上市的具有红筹架构的境内公司,将其境内实际控制人持有的境外权益转移回境内,使公司性质恢复为内资企业或中外合资企业,并且需要符合中国法律及证监会规则规定的上市主体和上市条件,如境内的股份有限公司需连续经营规定的年限、具有规定的盈利能力等,然后将相关证明文件提交证监会,排队等待证监会的实质审核,审核通过方可境内上市。在这种背景下,本文从法律体系和市场监管的角度分析了红筹架构企业回归境内资本市场的可能性,阐明企业境内上市需符合的法律要求以及监管部门对此类回归境内上市的企业在回归上市过程中关注的重点。通过对两种不同类型红筹架构企业海外架构的搭建、拆除,试图总结出红筹架构企业回归境内上市的法律流程。本文选取了263网络和华平股份两个案例进行具体分析,并对其红筹架构的搭建、拆除、境内上市及证监会关注问题和解决方式作出说明。红筹架构企业的回归是一个复杂的企业重组过程,其间会涉及到境内外之间股权转让、外汇登记、税收筹划、企业性质的变更、特殊目的公司的处理等问题,还需要满足实际控制人不变、资金来源合法、信息披露到位、转回程序合法等要求,本文根据监管部门的审核要求结合具体的实践针对这些问题做出分析,并提出了自己的建议。本文最后一部分结语中提到了我国现在将由审核制向注册制逐步转变,可见,未来红筹架构企业在境内上市时面临的阻力将会减小,但是有关于外汇、税收、信息披露等问题的解决,仍不可避免。
[Abstract]:Generally speaking, the so-called return of red chips can be divided into two kinds: one is called "return of Red chips", which refers to the situation in which Chinese holding companies that have already listed abroad want to invest in and issue shares in China at the same time; The other type we call "the return of red-chip enterprises" mainly refers to the fact that the red-chip structure has been set up and has not been successfully listed overseas, and that the conditions for listing in the territory can be achieved by dismantling the red-chip structure. This paper summarizes the legal problems of red-chip enterprises in returning to the stock market. "regulations on mergers and acquisitions of domestic Enterprises by Foreign investors", which is commonly known as "text 10", came into being in 2006. At the same time, due to the impact of the financial crisis, since 2009, the foreign capital market has been in a doldrums, and the Chinese concept stocks have been repeatedly frustrated by the integrity crisis. In China, in recent years, The constant reform and opening of the capital market, the completion of the reform of the split share structure, the launch of the growth Enterprise Market and the New third Board, the establishment of the Shanghai Free Trade Zone, the opening of the Stock Connect between Shanghai and Hong Kong, Both mark the growing maturity of China's capital market. At the same time, China is also actively exploring the introduction of an international version and the transformation of the auditing system to the registration system. I hope that China's capital market will further integrate with the international capital market. China's capital market is becoming more and more attractive, and private enterprises that bypass overseas listings have begun to abandon overseas markets. China Securities Regulatory Commission (CSRC) is open to return companies, but for the sake of convenient supervision, it requires domestic companies with red chips to list through A-shares. By transferring back the overseas rights and interests held by the actual controller in its territory, the nature of the company shall be restored to a domestic enterprise or a Chinese-foreign joint venture, and the listing subject and listing conditions shall be met in accordance with the provisions of the laws of China and the rules of the Securities Regulatory Commission. If a domestic joint stock limited company is required to operate continuously for a specified period of time and has the specified profitability and so on, it then submits the relevant supporting documents to the CSRC and waits in line for the SFC's substantive examination. Under this background, this paper analyzes the possibility of the return of red-chip enterprises to the domestic capital market from the perspective of legal system and market supervision. To clarify the legal requirements to be complied with in the domestic listing of enterprises, as well as the focus that the regulatory authorities pay attention to in the process of returning to domestic listings. By setting up and dismantling the overseas structures of two different types of red-chip enterprises, This article selects 263 network and Hua Ping shares two cases to carry on the concrete analysis, and to its red chip structure construction, the demolition, the article selects 263 network and the Hua Ping shares to carry on the concrete analysis to the red chip structure enterprise to return to the domestic listing legal process. The return of red-chip enterprises is a complex process of corporate restructuring, which involves equity transfer, foreign exchange registration, and tax planning between domestic and foreign countries. The changes in the nature of the enterprise and the handling of the special purpose company also need to meet the requirements of the actual controller, the legal source of funds, the proper disclosure of information, the legality of the reverting procedures, and so on. This article analyzes these problems according to the supervision department's audit request and concrete practice, and puts forward its own suggestion. In the last part of this paper, it is mentioned that our country will gradually change from the auditing system to the registration system. In the future, red chip enterprises will face less resistance when listed in China, but there are still some problems such as foreign exchange, tax, information disclosure and so on, which are still inevitable.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.295

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