| Driven by the "mass entrepreneurship and innovation" trend,in recent years,China’s technology innovation companies have risen rapidly.The development cycle of this technology-intensive company is very short,but very "spend money".Short-term development requires sufficient and continuous financial support,so the demand for external financing is very urgent.With the comprehensive promotion of the country,Chairman Xi announced at the first China International Import Expo on November 5,2018 that he would establish a science and technology board on the Shanghai Stock Exchange.This series of measures has greatly promoted the development of excellent technology innovation companies and provided more service platforms.Among these measures,the "Shanghai Stock Exchange Science and Technology Board Stock Listing Rules" was released in March 2019,and differential voting rights arrangements were set up in the rules,which marked the formal establishment of the dual equity system in my country.However,this policy is still at the macro level.There are no practical requirements for the listing conditions of such companies,how to set up differences in voting rights and update and adjust,disclose and protect investors.Therefore,it has become a more meaningful topic to discuss whether the dual shareholding structure is suitable for the newly established science and technology innovation board in my country.As part of the corporate governance structure,the company’s shareholding structure is closely related to the quality and actual effect of the corporate governance structure.So what impact will the multiple shareholding structure bring to the enterprise? At the same time,what opportunities and challenges will be brought to the enterprise under the background of the establishment of the Science and Technology Board,and how to deal with these opportunities and challenges are some of the issues to be studied in this article.Before the establishment of the Science and Technology Board in China,companies with a dual shareholding structure were not allowed to list.All companies that can be listed are companies with the same rights and rights.With support,through the selection of China’s first dual-equity structure company cloud computing service provider UCloud,which first submitted the application for the listing of the science and technology board,the comparative analysis method was mainly used.In the industry,companies with the same stock rights and equal rights,compare the stock issuance prices of the two companies,the company’s shareholding structure,company performance evaluation and risk management and control,and scientifically study how the multiple shareholding structure will affect the company’s operations and whether Affects the company’s listing on the Science and Technology Board;secondly,it will select a listed company with a dual shareholding structure from the Nasdaq market with a high similarity to the Science and Technology Board and another company with the same stock rights listed on the NASDAQ market The structure is similar to that of companies for comparison.One is to explore how the dual shareholding structure performs in the Nasdaq market,and the other is to verify the conclusions of the previous comparison.Finally,it is concluded that the promotion of multiple shareholding structure in the Science and Technology Board is very applicable.After the comparison is completed,the author will list the opportunities and challengesbrought by the dual shareholding structure under the background of the establishment of this science and technology board based on the conclusions drawn.In the end,the dual shareholding structure can be better applied to the Science and Technology Board to clearly propose relevant adjustments and current policy recommendations. |
