A second batch of unit into programme published already ending, from the release of the pilot programme, the main use of the delivery unit, shrink, distribution of cash, warrants, giving commitments. In response to these stock reform programme, the authorities launched a number of supporting measures, including the Shanghai Stock Exchange on 17 respectively launched the entitlement management procedures. Nevertheless, some brokerage, intermediary agencies still expressed next equity division reform specific operations. Century Securities Co., Ltd. Vice President Bao told the "business news": the "plays for equity division reform yet to come. "He believes that the first and second batch of pilot company performance is better, unlisted shares shareholders stronger, more easily develop selling shares shareholders approve stock reform programme, the follow-up of the performance of listed companies have poor circulation, a non-shareholder structure complex problems, therefore the share-trading reform is fully under way, will face more challenges.
Prior to this more silence of the legal profession have begun to outgoing voice. Some long-term attention capital market securities lawyers said that the current pilot programmes, some legal issues started to become apparent that there is an urgent need to clarify the legal thinking, elimination of legal implications.
On price commitment into focus
Recently, this reporter has learned from the many firms understand that there are many investors pilot company publication unit into programmes for legal advice, it was generally concern non-negotiable commitment of the shareholders, the duration of the lock, appended to the circulation of the reserve price, how to ensure the problem. Because some commitment beyond the SFC "listed equity division reform pilot for" hard requirements, whether or not to have legal effect, investors are wondering.
Guangdong sea port lawyers Kyi grow in acceptance of the China business news, interviews, a pilot programme on price has made a clear commitment to accept the offer of the constraint, and the contents of the offer, have a clear and certainly constitute a legal offer; and that these commitments are non-negotiable shares shareholders in return for shareholders voted in favour of the circulation, but a return, not unilateral nature of the contract, but is a bilateral contract, therefore is valid and enforceable, the circulation of the non-legally binding shareholder. Once the future non-negotiable shares shareholders back on these commitments, the circulation of shareholders has every right to demand compulsory execution's Court, and seek compensation from here to the circulation of the shareholders.
Kyi progress counsel also noted that, in order to ensure the implementation of price undertakings, should take specific measures. For example, the commitments in the agreement to repurchase shares of the circulation of the reserve of large shareholders, if we can establish the appropriate margin accounts, deposit a certain proportion of the security deposit and Exchange, monitoring, it may be easier to obtain shareholders support the circulation.
Shareholder relations-deposit-seeking risk
"To prevent non-circulation of shareholders and shares interests between large shareholders, violations of individual investors interest exchanged. "Beijing Dacheng Law offices lawyers still Ho Tung to reporters.
In accordance with the principles of "fair", a reasonable stock reform program should be a non-circulation of shareholders and shares shareholders respectively took out programmes for bargaining. But circulation unit too scattered, poorly organized and programme costs no source, so the non-trading stock shareholders now occupies the leading position of the unit into the circulation shareholders exercise their voting right to vote. As a result of trading stock shareholder to fund-based, some sponsor because of various reasons also became the largest shareholder of shares, voting has a pivotal role, if the non-trading stock shareholder interests with the company in exchange for trading stock shareholder approval, the easier the programme through the final double violates the interests of individual investors.
Shang Hao East lawyers believe that in the next stage of reform, the need to strengthen the non-trading stock shareholders and transparency of corporate operations, the development of more sophisticated financial monitoring system, to prevent all rent-seeking activities, ensuring the company's overall interests and the interests of individual investors.
In addition, the Eastern Jin Yuan law firm Jin yan said the lawyers listed on cross-shareholding between? has been frozen or pledge of unlisted shares how to handle such issues are of concern.
Related departments that share-trading reform as a complex exploration work, relate to a wide variety of interests that may arise during the reform of the legal issues, is organizing personnel carefully addressed.
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