境外公司在我国境内交叉上市的法治化路径探析——以红筹企业回归上市为视角

Research into the Rule of Law over Offshore Companies' Cross-listing in China:from the Perspective of the Return of Red Chips

资本市场对外开放是我国新时代重要的国家发展战略之一,公司交叉上市是当前世界范围内不同市场之间资本流动的重要方式,也是衡量一国资本市场对外开放程度的重要指标。目前较为稳妥的交叉上市探索应当率先对具有中资背景的红筹企业进行境内直接上市试点,再扩展至外国公司整体范围并系统构建国际板相关规则。在金融法治化的时代要求下,应当在证券法框架内明确红筹企业的直接上市资格并予以规范。针对不同法律规范要素设置宽严相济的上市条件,有效体现交叉上市特性,吸引优质红筹企业回归。充分考虑不同上市所在地的监管差异,并对红筹企业于境外上市的已披露信息与表现进行考量和采纳,适度简化直接上市程序,提高上市效率。还应当积极借鉴国外相对成熟的信息披露制度中的共性或基础性规范,根据红筹企业特点进行差异化的披露规则设计。

The opening of the capital market to the outside world is one of China’s important national development strategies in the new era;cross-listing is both a major means of capital transfers around the world and an important indicator to measure the degree of openness of a country’s capital market.Currently,a safer approach for cross-listing in China is first to pilot direct listing of red-chip companies domestically and then expand to all foreign companies while systematically establishing a set of relevant rules over the international-board market.Under the requirement of rule of law in finance,listing qualifications should be clarified and regulated in the framework of the security law and corresponding listing criteria should be set according to different legal factors to effectively reflect the characteristics of cross-listing and to attract high-quality red-chip companies to return.Direct listing procedures can be appropriately simplified and efficiency be improved for red chips in the context of different markets’regulations and their performances and information that the companies have disclosed.General or fundamental standards of other countries’mature information disclosure systems should be taken as a reference and differentiated rule design for the disclosure should be made according to the characteristics of red-chip enterprises.