The construction and operation of the Shanghai Stock Exchange (SSE) Science and Technology Innovation Board (STAR) Market is extremely important work for the current Chinese capital market. After several months of preparation, the STAR Market was officially launched on June 13, 2019. Twenty-five high-tech and innovative companies were listed on the STAR Market on July 22, 2019. The pilot registration-based IPO system is the most important consideration for SSE to launch STAR Market, which is significantly different from the approval-based IPO system adopted by the Main Board, SME Board, and ChiNext in the Chinese capital market. The STAR Market launched by SSE is not only an experimental field for reform of the registration-based IPO system, which is one of the basic systems of Chinese capital markets, but also aims to create a new "Chinese NASDAQ", and to make an important contribution to promoting the high-quality development of enterprises and the market-oriented reform of the capital market.
The SSE STAR Market involves many important institutional innovations, including the offering requirements and listing standards on the SSE STAR Market, the requirements and review of issuer’s information disclosure, stock issuance, delisting system, and investors protection, etc. The talk will focus on IPOs’ standards and concept of listing review of the SSE STAR Market, which will involve important legal issues such as the listing of loss-making enterprises, the listing of red-chip companies, the listing of companies with differentiated voting rights, etc. Meanwhile, based on the differences in the legal system of listing standards, Mr. Shen will make a simple comparative analysis of Chinese companies’ choices for listing on the STAR Market or Nasdaq, as well as the possible paths for foreign companies to list on the STAR Market. In addition, Dr. Shen will share ideas with the audience on the present status and future developments of the STAR Market.
About the Speaker
Shen Linping is a partner of AllBright Beijing office, an Adjunct Professor of Renmin University of China Lawyer College, a researcher of Bankruptcy Law and Restructuring Research Center of China University of Political Science and Law(CUPL). Mr. Shen received a PhD degree from CUPL, and he was a Visiting Scholar at UCLA School of Law from 2013 to 2014.
Mr. Shen's practice areas include cross-border investment and M&A, domestic and overseas listings, and related legal business of listed companies, such as listed company acquisition and major asset restructuring, refinancing, bankruptcy and reorganization of listed companies, and dispute resolution related to investment and M&A, etc.
Based on his abundant practical experience, Dr. Shen has published a number of professional books including "Proposed Draft China's Overseas Direct Investment Law And Paraphrase", "How Outbound-Listed Chinese Companies Return To Chinese Stock Market," "Practices And Case Study Of Listing In Hong Kong," "The Solution To Public Company Mergers And Acquisitions," "Annual Review Of Chinese IPO," "Practices And Case Study of Listing on Star Market," etc.