The Protection of Rights and Interests of Investors in Company with Dual-Class Share Structure on SSE Start Market

Abstract

科创板在现阶段允许设立双重股权结构，旨在保障科创公司中的创始人团队或管理层团队对公司的控制力度。在投资者权益保护层面，科创板在普通表决权、日落条款、特别表决权情况披露、监事会专项意见等方面存在不足之处。通过与香港交易所规则的比较来看，在法律惩戒、制度机制、监督机制及具体细节规定方面应当进行完善。本文针对这些问题进行研究总结，引导投资者进行理性投资，并对此提出行之有效的建议，以促进证券市场的良性发展。 At present, the dual-class share structure is being allowed to set up in SSE Start Market in order that the founder group or management team could take control of their own technology company. In perspective of the level of investor protection, the company has shortcomings in the areas of ordinary voting rights, sunset clauses, special voting rights information disclosure, and to the particular opinions of the board of supervisors. Compared with the rules of Hong Kong stock exchange, SSE StartMarket dual-class share structure should be improved in the areas of legal punishment system, institution and mechanism, supervision mechanism and specific details so as to achieve investor protection. Finally, the paper summarizes the problems in the dual-class share structure of SSE Start Market, makes guidance for investors to make rational investment, and puts forward effective suggestions so as to promote the sound development of securities market.