Research On The System Of Redemption Right Of Depository Receipts In China

The arrival of the depositary receipts in China’s mainland in 2018 has a great effect on promoting the return of red chips to China’s mainland,enhancing the liquidity of the Chinese capital market,promoting the internationalization of the capital market,and opening up foreign exchange,but as a new system,specific legal regulations It is not perfect,and the current research results mainly focus on the research on investor protection and depositary receipt information disclosure.The theory of redemption right of the depositary receipts is also blank in theory and practice."Several Opinions on Pilot Issues of Innovative Enterprises Issuing Shares or Depositary Receipts"(hereinafter referred to as "Several Opinions")will introduce specific measures for the redemption right system.Established for the Securities and Futures Commission,there is no specific operation method for redemption right,and there is no systematic research result in the theoretical field.The redemption system is the soul of the cross-border financing vehicle as the depositary receipt,which is of great significance to protect investors,promote the same price and share the international securities market,but the redemption system of the depositary receipt There are problems in the establishment of foreign exchange control restrictions and the issue of depositary receipt motive under the capital account.The establishment of the ADR system requires theoretical and technical support.Based on the existing research,this paper draws on the failures and useful experience of foreign domains to propose the basic principles and specifics of the establishment of the ADR system.Measures.This article focuses on the core issue of the foreclosure system of depositary receipts,which is divided into three parts: introduction,body and conclusion.The introduction mainly introduces the source of this topic,the research value,research methods and innovations and deficiencies of the establishment of China’s depository receipt system.The main body is divided into three chapters,the main contents are as follows:The first chapter is an overview of the redemptive right of depository receipts,which mainly includes the generation of the redemptive right of Depository Receipts(including the exercise process of the redemptive right of depository receipts,the subjects involved in the redemptive right of depository receipts and their rights and obligations,the legal connotation of the redemptive right of Depository receipts),the protection of depository receipts to investors and the necessity of the construction of the redemptive right of depository receipts The discussion of this paper is a foreshadowing.The second chapter analyzes the obstacles existing in the practice of the system.It mainly includes two sections.The first section is the legislative obstacles and foreign experience in the construction of the redemption right of depository receipts.The obstacles include three aspects: the purpose,the way and the main body of issuing depository receipts.The second section includes the institutional obstacles in the construction of the redemption right of depository receipts,mainly including the problems in the strict foreign exchange management system,registration system and information disclosure system.The third chapter is about the theoretical basis of the construction of the system of redemption of depository receipts from the perspectives of securities law,company law and trust law.The third chapter is about the redemption of depository receipts from the perspective of three different laws.According to the regulatory scope of three kinds of laws,the system of redemption of depository receipts is organized.The essence of depository receipts is the relationship between trust law,depository receipts and basic securities,and depository receipts This paper analyzes the relationship between the securities investors and the depositors in the company law,and the obstacles in the protection of the investors in the securities law and the company law,and concludes that the redemptive right of the depository receipts has theoretical basis in the construction of the securities law,the company law and the trust law.The fourth chapter is the most important part of the main body.In combination with the content of the previous article,it puts forward some suggestions to improve the system of redemption of depository receipts in China,mainly including three sections.The first section is about the basic system of the construction of the redemptive right of depository receipts,including the scope of the exercise of the redemptive right of depository receipts,the improvement of the information disclosure system,the gradual opening of foreign exchange control system,and the conversion ratio and expense system between the basic securities and the depository receipts.The second section is about the procedural system of the construction of the redemptive right of depository receipts,including the clear way to exercise the redemptive right of depository receipts,the establishment of two-way conversion system and the improvement of the registration system.The third section introduces the rights and obligations system of the redemptive right of depository receipts.One is the rights of the investors of depository receipts when they exercise the redemptive right,the other is the legal consequences of the depositors’ infringement on the redemptive right of depository receipts.