Research On The Issuing System Of Chinese Depository Receipts

Depositary receipt is a kind of certificate that can be circulated in the securities market of a country and hold the ownership of non-domestic securities on behalf of domestic investors.This certificate can be transferred and is a derivative financial instrument.The emergence of American depositary receipts(ADRs)was first invented by JP Morgan bank in 1927 in order to facilitate Americans to invest in the shares of Selfridges,a British retailer.It was also the first successful performance of ADRs in practice.The regulations on the issuance of American depositary receipts mainly include the regulations on the issuance of American depositary receipts themselves,the regulations on public offering,the regulations on private offering and the regulations on international issuance.In view of the status quo of China’s current foreign exchange control,our country launched the Chinese depositary receipts is also different from the real depositary receipts,is a kind of transitional product,given its in the process of issuing,some difficulties need to solve,some system needs to improve,through the analysis of this article,in order to provide some Suggestions to solve these problems.In this paper,comparative research method and literature method are mainly used for discussion.In addition to introduction and conclusion,this paper consists of three parts:The first part mainly introduces the concept and characteristics of depositary receipts,so as to have a fundamental understanding of the depositary receipts.The second part is mainly about the meaning of Chinese depositary receipts issued and may encounter difficulties,this paper discusses the issue of Chinese depositary receipts is imperative,and is of great significance,but in view of the influence of the existing policy of our country,compared with the American depositary receipts issued relatively mature,Chinese depositary receipts issued just beginning,will encounter problems,faced with several difficulties,need further to solve.The third part mainly introduces the American depositary receipts significance for Chinese depositary receipts,the comparatively perfect system of depositary receipts issued experience,as well as its about the relevant provisions of the system for issuing depositary receipts,located in China’s depositary receipts,the legal relationship between the players,depositary receipts and the freedom of the underlying securities transformation,information disclosure for the improvement of the system of the depositary receipts issued provides a good reference.