双重股权结构制度基本问题探讨

Discussion on Basic Question of Dual-Class Share System

随着科创板首家双重股权结构公司优刻得成功上市,我国双重股权结构制度正式付诸实践。我国双重股权结构制度中,特别表决权适用范围应增加破产和退市的法律保留事项;特别表决权股数量和比例中普通表决权股比例应设置为更严格的10%~50%;在特别表决权股向普通表决权股转化中,不适宜规定固定期限型“日落条款”;特别表决权股转让和继承应当在限制特别表决权转让基础上设置除外条款。我国双重股权结构制度的实施应当进一步完善配套机制和措施,包括进一步强化信息披露、设置独立董事加强对特别表决权股东监督、强制公司作出自我约束性承诺、完善惩罚损害投资者权益的措施。

The successful listing of Ucloud,the first company with dual-class share structure in SSE Start Market,China’s dual-class share system has been put into practice.In China’s dual-class share structure,the scope of application of special voting shares should add legal reservation items of bankruptcy and delisting.As for the number and proportion of special voting shares,it shall stipulate that the proportion of common voting shares should be set at a stricter 10%~50%.The provisions of sunset clause with fixed term should not be added in the conversion of special voting shares to common voting shares.The transfer and delisting of special voting shares inheritance shall be provided with exceptional clauses on the basis of limiting transfer of special voting shares.The normal implement of dual-class share system needs to be further improved in the areas of supporting mechanisms and measures,including further strengthening information disclosure,setting up independent directors to strengthen supervision on shareholders with special voting shares,forcing companies to make self-restraint commitments,and improving the measures to punish the one who damages investors’rights and interests.