红筹企业回归A股市场与中小投资者权益保护——以三家科创板上市公司为例

How to Protect minority shareholder As the Red-chip Enterprise Come back to A Share Market——By means of three companies listing on STAR market

红筹企业境外注册的身份、复杂的运营架构、国内外不同的投资者权益保护水平等障碍导致红筹企业回归A股市场曾经异常艰难。中国监管机构通过制度创新,放宽了对红筹企业的海外身份以及协议控制架构的限制。为防范英美法系下董事会及相关董事权力过大,监管机构要求回归A股市场的红筹企业通过制定遵守中国公司法的公司章程及细则,合理界定股东会及董事会的职权;为保护中小投资者利益,在章程中特意规定股东会的特殊决议事项,提高决议通过的门槛。虽然中小投资者基于《开曼公司法》的司法救济前景不乐观,境内司法判决的跨境执行困难很大,然而,中国监管机构仍可通过多种渠道保护回归A股的红筹企业的中小投资者利益。

It is very difficult to the red-chip enterprise to come back to A share market for the overseas registration status,the Complex operational architecture,and the different level of investor protection.China supervisory agency relaxed the overseas status and VIE requirements through institutional innovation.To prevent the board of directors and the directors from getting too much power,the supervisory agency urged the red-chip enterprises to formulate the articles&by-laws obeying the Chinese laws,to reasonably define the power between the board of shareholders and the board of directors,and to define special resolutions in the articles to protect minority shareholders’rights.Although the judicial remedy of minority shareholder is not optimistic by using Cayman company law system,and it is difficult to the judicial judgment enforcement cross the border,the supervisory agency still has measures to protect the minority shareholder of the red-chip enterprises.