Download or read book Regulating the Takeover of Chinese Listed Companies written by Juan Chen and published by Springer. This book was released on 2014-05-12 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive review of the Measures for Administration of Takeover of Chinese Listed Companies (the Chinese takeover law), with emphasis on the differences between the Chinese takeover law and takeover legislation in the UK, the US and Hong Kong. The Chinese M&A market has been booming at an unprecedented rate in recent years; not only domestic investors, but also foreign funds and multinational companies are actively participating on the market. For both market participants and researchers, it is crucial to understand the emerging and transitional aspects of the Chinese economy and its M&A market, and the impacts of those aspects on relevant laws. While there are ongoing academic discussions on the convergence between the Chinese takeover law and its counterparts in the UK, Hong Kong and the US, this book offers a comprehensive discussion of the divergence and focuses on key differences in the transplanted Chinese takeover law.
Download or read book Regulation of Foreign Mergers and Acquisitions Involving Listed Companies in the People s Republic of China written by Lusong Zhang and published by . This book was released on 2007 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since its accession to the World Trade Organization (WTO), China has undertaken stronger initiatives toward adapting its legal system to support the development of a market-oriented economy. However, in this important new study the author contends that Chinaand’s steps in this direction are not sufficient. Although barriers to merger and acquisition (Mand&A) targeting of state-owned enterprises (SOEs) have been significantly reduced, excessive administrative intervention continues to discourage foreign Mand&Ainvolving domestic listed companies. This book proposes changes in Chinese law, including a new full-scale regulatory scheme, which would enhance and expand such foreign direct investment. The discussion proceeds from the perspectives of company law, securities law, antimonopoly law, and foreign investment law. Based on the analysis of the market situation and policy background in China, and on a comparison among the relevant aspects of the legal systems of China and other jurisdictions, the book addresses the Chinese legal system for foreign Mandamp;A involving listed companies, including its policy support. The analysis highlights such aspects as the following: and• features and structures of the current Chinese foreign Mandamp;A market; and• China's state-owned enterprise reform and• functions of the Chinese stock market; and• Chinese foreign investment policy; and• components of the Chinese legal system specific to foreign Mand&A; and and• comparative studies of foreign Mandamp;A regulation and experience (US, EU, UK, and Russia) and what may be useful in each for China. The authorand’s detailed recommendations for the improvement of the Chinese legal system primarily concern the regime of state ownership exercise, the establishment of an antitrust scheme, the improvement in the regulation of corporate takeovers, and national treatment of foreign investors under the WTO system. This is in every way a ground-breaking contribution to the literature of international trade law. The authorand’s deeply informed and cogent analysis will be of immeasurable value to policy makers and academics across a range of fields, and the bookand’s practical value to business persons everywhere with an eye on China cannot be overestimated.
Download or read book Mergers and Acquisitions and Takeovers in China written by Cristiano Rizzi and published by Kluwer Law International B.V.. This book was released on 2012-07-01 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This hugely informative book - unique in its overarching emphasis on the laws governing M&As and takeovers in China - not only shows those interested in investing in China how to avoid legal mistakes and miscalculations. In addition to offering singular interpretive analysis of strictly legal matters, the authors concentrate extensively on the all-important cultural and environmental factors that can make business in China daunting for the uninitiated. Extending this double emphasis on cultural understanding and M&A and takeover expertise, the authors clearly explain such elements of how to enter the Chinese market (or expand a presence in it) as the following: concepts of guanxi and mienzi; understanding China’s rising middle class; valuation of state-owned assets; maximum permitted debt-to-equity ratios; key PRC government agencies involved in the approval of transactions; taxation framework for enterprise restructuring in China; employees as an asset; share swaps; prohibited trading activities when acquiring a listed company; legal framework for dispute resolution; administrative proceedings; liabilities for breach of contract; and responding to intellectual property rights abuse. The authors provide precise details on the characteristics of, and procedures involved in, the wide range of investment options available in China, with knowledgeable guidance on the choice of investment options and protection of investor interests. Because China is clearly a major global economic force and will continue to be so in the foreseeable future, this thorough but down-to earth guide is of immeasurable practical value to foreign investors of every kind, from multinational corporations to individual venture capitalists.
Download or read book China s Takeover Law written by Hui Huang and published by . This book was released on 2006 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is largely prompted by the two recently promulgated regulations governing takeovers in China. The goal of this book is to critically examine the legal takeover regime in China and to put forward proposals for reform. To outline the discussion, Part II describes the stock market, the takeover law, and the takeover activities in China. Two legislative goals, namely contestability of takeovers and shareholder protection, are set out in Part III. Under these principles, Part IV and Part V explore the issues of tender offer and anti takeover defenses, respectively. Specifically, Part IV focuses on information disclosure and other major rules relating to takeovers. It appears that these rules are in line with the international norm and acceptably workable in the context of China. Furthermore, Part V explores the serious problems that are associated with anti-takeover defenses. China's law seems to be both over inclusive and under inclusive in this respect. After an in depth comparative analysis of the legal regimes in the U.S., UK, and Australia, it is apparent that those regimes are not suitable for China's local conditions. Lastly, this book proposes a regime in which shareholders could veto the use of takeover defenses ex post, while requiring that certain defensive measures be decided ex ante. This proposal could well suit China's needs because it not only gives shareholders sufficient protection, but also preserves necessary flexibility for management to efficiently respond to truly undesirable tender offers.
Download or read book Foreign Solutions for Local Problems The Use of US Style Fiduciary Duties to Regulate Agreed Takeovers in China written by Chao Xi and published by . This book was released on 2015 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: The private sale of corporate control, or agreed takeover, of listed companies has been the primary form of control transaction in China. However such takeovers have in many cases presented an opportunity for the control buyer and seller to extract value from the company at the expense of the target company's non-insider minority shareholders. One key legal development that attempts to address this issue is the imposition of US-style fiduciary duties on both incumbent and new controllers. This article argues that placing controllers under fiduciary duties has largely failed to protect the minority shareholders of Chinese listed companies from the exploitation of both the seller and buyer of corporate control. The failure is partly due to the weakness of the requisite complementary legal institutions, and partly due to the absence of a supporting social context.
Download or read book Company Law in China written by Jiang Yu Wang and published by Edward Elgar Publishing. This book was released on 2014-04-25 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: This accessible book offer a comprehensive and critical introduction to the law on business organizations in the People�s Republic of China. The coverage focuses on the 2005-adopted PRC Company Law and the most recent legislative and regulatory develop
Download or read book Takeover Law in the UK the EU and China written by Joseph Lee and published by Springer Nature. This book was released on 2021-05-20 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates stakeholders’ interests, market players, and governance models for the takeover market in the changing global economic orders. Authors from the UK, Germany, the Netherlands, Australia, and China discuss takeovers in the context of China as a rising power in the global M&A market and re-examine takeover as an efficient method for corporate competition, consolidation, and restructuring. China has come to embrace takeovers as a market practice and is seeking directions for further reforms of its law, regulatory model, and banking system in order to compete with other economic powers. Yet, China is at a very different economic development stage and has different legal and political structures. State-owned enterprises dominate the Shanghai and Shenzhen stock markets – a very different landscape from UK and European exchanges. Researchers and policy makers are currently developing options in response to needs for reform. Recently, China has also announced the opening of its financial markets to foreign ownership. This book reflects on the UK and European models and focuses on the policy choices for China to transform its capital market. The book is of interest to postgraduate students and researchers (LLM, PhD, postdocs), law and management/finance academics, and policy makers.
Download or read book China s Listed Companies written by Jin Sheng and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The number of interactions between China's stock markets and markets in other parts of the world continues to grow prodigiously. However, as in many transitional economies, insider control and inefficient law enforcement pose serious problems for the corporate governance of Chinese listed companies. Using a law and economics approach, this book first analyses the types of pervasive misconduct of large shareholders in China's listed companies, and then offers concrete reform proposals toward effective protection of minority shareholders in the interwoven areas of regulation, enforcement, and the judiciary. The author addresses the necessity for recognizing the fiduciary duty of controlling shareholders, for improving voting rights for minority shareholders, for enhancing the disclosure system, and for restricting insider trading and market manipulation.
Download or read book Comparative Takeover Regulation written by Umakanth Varottil and published by Cambridge University Press. This book was released on 2017-10-26 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comparative Takeover Regulation compares the laws relating to takeovers in leading Asian economies and relates them to broader global developments. It is ideal for educational institutions that teach corporate law, corporate governance, and mergers and acquisitions, as well as for law firms, corporate counsel and other practitioners.
Download or read book Comparative Takeover Regulation written by Umakanth Varottil and published by Cambridge University Press. This book was released on 2017-10-26 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: While Western economies generally display dispersed shareholding in listed companies, Asian economies commonly have concentrated shareholding also in publicly listed companies. The principal analysis in Comparative Takeover Regulation relates to the role of takeover regulation in different economies. In the Asian context, the nature of takeover regulation may necessitate a different approach, with greater emphasis on the mandatory bids and disclosure of substantial shareholding. The likelihood of hostile takeovers will be minimal. It is these differences among various jurisdictions that strike at the heart of Varottil and Wan's new work. Ideal for educational institutions that teach corporate law, corporate governance, and mergers and acquisitions, as well as for law firms, corporate counsel and other practitioners, Comparative Takeover Regulation provides students and scholars with brand new analysis of this increasingly important field of study.
Download or read book Protecting Societal Interests in Corporate Takeovers written by Huizi Ai and published by Springer Nature. This book was released on 2022-11-18 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book explores “what are the societal interests that may be affected by a takeover, are these protected under the current regulatory frameworks of the U.K., Germany, and China, (and if so) how are they protected and what recommendations can be made for future reforms in the three jurisdictions?” The book adopts three main methods: law and economics analysis, doctrinal legal research, and comparative analysis. The content of this book is intended not only for the academia; it may also benefit the policy makers by providing an evaluation on the strengths and weaknesses of different protection mechanisms and recommendations for future reforms. Besides, companies which are (potentially) interested in conducting takeovers in the three countries may also find this book useful with its overall analysis of the regulatory frameworks and representative takeover cases in the jurisdictions.
Download or read book Regulation of State Controlled Enterprises written by Julien Chaisse and published by Springer Nature. This book was released on 2022-08-25 with total page 727 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses actual and potential normative (whether legislative or contractual) conflicts and complex transnational disputes related to state-controlled enterprises (SCEs) operations and how they are interwoven with the problem of foreign direct investment. Moreover, SCEs also fall within the remit of international political economy, international economics and other SCE-related fields that go beyond purely legal or regulatory matters. In this connection, research on such economic and political determinants of SCE’s operations greatly informs and supplements the state of knowledge on how to best regulate cross-border aspects of SCE’s and is also be covered in this book. The book also aims to analyse the “SCE phenomenon” which includes a wide panoply of entities that have various structures with different degrees of control by states at the central or regional level, and that critically discuss the above-mentioned overlapping legal economic and political systems which can emerge under various shades of shadows casted by governmental umbrellas (i.e., the control can be exercised through ownership, right to appoint the management, and special-voting-rights). The chapters in this book are grouped, so as to address cross-border investment by and in SCE, into four coherent major parts, namely --- (i) the regulatory framework of state capitalism: laws, treaties, and contracts; (ii) economic and institutional expansion of state capitalism; (iii) the accountability of state capitalism: exploring the forms of liabilities; and (iv) regional and country perspectives. Contributions address the core theme from a broad range of SCE and international economic regulations, including but not limited to competition law, WTO law, investment law, and financial/monetary law. They also cover the new emerging generation of Free Trade Agreements (EU-Vietnam FTA, EU China investment treaty, Regional Comprehensive Economic Partnership; and the coordination between treaty systems). The book is a valuable addition and companion for courses, such as international trade law, international law of foreign investment, transnational law, international and economic development, world politics, law of preferential trade agreements, international economics, and economics of development.
Download or read book Regulating Local Government Financing Vehicles and Public Private Partnerships in China written by Hui Jin and published by International Monetary Fund. This book was released on 2016-09-16 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we argue that there is much room for China to strengthen its regulatory framework for public-private partnerships (PPPs). We show that infrastructure projects carried out through local government financing vehicles (LGFVs) were largely unregulated PPPs, and significant fiscal risks have already manifested themselves. While PPPs can potentially provide efficiency gains, they can also be used by governments to circumvent budgetary borrowing constraints. Therefore, effective PPP regulation is key to delivering PPPs’ benefits while containing their potential fiscal risks. The authorities have taken concrete steps in order to establish a sound regulatory framework and foster a new generation of PPPs. However, to make the framework effective, we highlight a few issues to be resolved. Based on international best practice, we propose a four-pillar regulatory framework for China, which could be implemented gradually in three stages.
Download or read book The Long Game written by Rush Doshi and published by Oxford University Press. This book was released on 2021-06-11 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: For more than a century, no US adversary or coalition of adversaries - not Nazi Germany, Imperial Japan, or the Soviet Union - has ever reached sixty percent of US GDP. China is the sole exception, and it is fast emerging into a global superpower that could rival, if not eclipse, the United States. What does China want, does it have a grand strategy to achieve it, and what should the United States do about it? In The Long Game, Rush Doshi draws from a rich base of Chinese primary sources, including decades worth of party documents, leaked materials, memoirs by party leaders, and a careful analysis of China's conduct to provide a history of China's grand strategy since the end of the Cold War. Taking readers behind the Party's closed doors, he uncovers Beijing's long, methodical game to displace America from its hegemonic position in both the East Asia regional and global orders through three sequential "strategies of displacement." Beginning in the 1980s, China focused for two decades on "hiding capabilities and biding time." After the 2008 Global Financial Crisis, it became more assertive regionally, following a policy of "actively accomplishing something." Finally, in the aftermath populist elections of 2016, China shifted to an even more aggressive strategy for undermining US hegemony, adopting the phrase "great changes unseen in century." After charting how China's long game has evolved, Doshi offers a comprehensive yet asymmetric plan for an effective US response. Ironically, his proposed approach takes a page from Beijing's own strategic playbook to undermine China's ambitions and strengthen American order without competing dollar-for-dollar, ship-for-ship, or loan-for-loan.
Download or read book Policy Regulation and Innovation in China s Electricity and Telecom Industries written by Loren Brandt and published by Cambridge University Press. This book was released on 2019-05-30 with total page 529 pages. Available in PDF, EPUB and Kindle. Book excerpt: Openness and competition sparked major advances in Chinese industry. Recent policy reversals emphasizing indigenous innovation seem likely to disappoint.
Download or read book Private Lending in China written by Lerong Lu and published by Routledge. This book was released on 2018-12-07 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores China’s private lending market from historical, economic, legal, and regulatory perspectives. Private lending refers to moneylending agreements between business borrowers and their debt investors without the involvement of banks. In China, it remains difficult for private entrepreneurs to obtain sufficient loans from state-owned banks. Thus, private lending has been a vital alternative financing channel for over 80 million businesses which are reliant on private funds as their major source of operating capital. The market volume of private financing stands at 5 trillion yuan ($783bn), making it one of the largest shadow banking systems in the world. Despite the wide popularity and systemic importance of private lending activities, they have remained outside of the official regulatory framework, leading to extra financial risks. In 2011, China’s private lending sector encountered a severe financial crisis, as thousands of business borrowers failed to repay debts and fell into bankruptcy. Lots of bosses who found it impossible to liquidate debts ran away to hide from creditors. The financial turmoil has caused substantial monetary losses for investors across the country, which triggered social unrest and undermined the financial stability. This book is a timely work intended to demystify China’s private lending market by investigating its historical development, operating mechanism, and special characteristics. It evaluates the causes and effects of the latest financial crisis by considering a number of real cases relating to helpless investors and runaway bosses. It conducts an in-depth doctrinal analysis of Chinese laws and regulations regarding private lending transactions. It also examines China’s ongoing financial reform to bring underground lending activities under official supervision. Finally, the book points out future development paths for the private lending market. It offers suggestions for global policymakers devising an effective regulatory framework for shadow banking. It appeals to researchers, lecturers, and students in several fields, including law, business, finance, political economy, public policy, and China study.
Download or read book Mergers Acquisitions written by Andrew J. Nussbaum and published by Sweet & Maxwell. This book was released on 2012 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title explains the often complex and difficult ideas in legal philosophy clearly and concisely but without over-simplification. It introduces students to the fundamental themes in legal philosophy. It analyses and comments on the writing of the foremost legal theorists, and takes into account the most recent scholarly work.
