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Causes and Countermeasures of China concept stocks in the beautiful encounter collective action - from the viewpoint of information disclosure

Author: XiaoChao
Tutor: ChenJie
School: Graduate School of the Chinese Academy of Social Sciences
Course: Legal
Keywords: class action suit information disclosure System differences internalcontrol system Reverse acquisition
CLC: D922.28
Type: Master's thesis
Year: 2012
Downloads: 174
Quote: 0
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Abstract


FOR recent years, more and more China Concept Stocks listed in the States gotclass action suit, and suffer from huge financial loss. This article aims at analyzing thereason from an angel of information disclosure and provides solution accordingly.Now this paper includes three parts among which, the second and third cha are thecore parts of this paper. Following are the main idea of the three parts:The introduction articulates the situation of the class action suit faced by ChineseConcept Stocks and expounds its connection with information disclosure.In Part One, we reveal information disclosure is illegal in class action reason, andbriefly analyzed the information disclosure laws and regulations in violation of thefour categories, namely any false record, major omissions, improper disclosure andmisleading statements.In Part Two the author separately analyzes the existing problems of the ChinaConcept Stocks in five aspects as follows: firstly, the high risk of the Concept Stocksthemselves; secondly, due to the different legal systems of China and the UnitedStates, there may be violations of Chinese companies which abide by the Chinasecurities law or stay in the grey area of legal system when applying the domesticpolicy to the United States market. The main systematic differences lie in the issuingsystem, follow-up supervision, different focus of three form of liability and thetechnology of information disclosure; thirdly，the internal control of property rightsand corporate governance structure is weak; fourthly, drawbacks of the model ofreverse takeover of the listed; fifthly, unavoidable objective factors for the protectionof business secrets and consideration of reducing the disclosure cost, as well as lackof honesty in the whole society.In Part Three, we propose a strategy of refining information disclosure toovercome the difficulty of class action suit. The proposing of this strategy dose notcompletely follows the mode which used to analyze the reasons, but separatelyexpound from each subject’s angel. The first two sections separately analyze themeasures that companies and nations took to refine information disclosure. It statesthat the listed enterprises should correct attitude, market-ready, refine inner control,be familiar with market rule and actively participate in the market. On the other handnation and government should increase the cost of illegal informational disclosure inthe entire process: legislation, law enforcement and judicial, through three aspects to improve the cost of illegal information disclosure, as well as management and serviceall-round to improve the information disclosure environment: civil liability, criminalliability, administrative responsibility. The third section is an integrity-based solutionwhich requires improvement not only the establishment of the integrity mechanism ofthe countries and companies; but also urges the society, as a whole, to consider toimproving the level of integrity, and listed the adherence to the integrity of defense ina separate section.

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