| The science and innovation characteristics of the STAR Market issuers under the registration system and the relevant regulations on the issuance conditions and information disclosure policies of the STAR Market involving material litigation have made the frequent litigation of patent infringement against issuers a feature of the STAR Market,which is not conducive to the development of financing for science and innovation enterprises.There are also issuers who have not implemented the concept of registration with information disclosure at its core,which is not conducive to investors’ value judgement and decision-making.The existing studies do not involve how to optimise and improve the relevant policies of the STAR Market for issuers being sued for patent infringement.On the one hand,this paper innovatively examines the synergy and optimisation of the issuance conditions and information disclosure policies for the initial listing of the STAR Market.On the other hand,this paper innovatively combines various research methods,studied and analyzed the information of thirty-one companies sued on the STAR Market with data statistical method,analyzed the policy differences between NASDAQ and the STAR Market with comparative research method,selected typical cases to study the empirical impact under the policy differences with case study method,and formed recommendations for the optimization and improvement of information disclosure policy with interdisciplinary analysis method.The novelty of the study results of this paper is that it proposes that issuers being sued are not subject to the issuance conditions under Article 12(3)of the “Measures for the Administration of Registration of Initial Public Offering of Shares” on the STAR Market.At the same time,it suggests that the information disclosure of issuers being sued should be further strictly regulated,and the research has resulted in the “Guidelines on Information Disclosure of Patent Infringement Litigation for Initial Public Offering and Listed Companies(Draft Proposal)” and its implementation approach for policy optimization reference.The findings and suggestions in this paper will help to improve the marketization and inclusiveness of the STAR Market,enhance vetting efficiency and strengthen investor protection,and are of great significance to the policy reform of the STAR Market and the enhancement of capital services to the real economy. |
