Continuous Disclosure Of Chinese Cross Border Listed Companies In Australia

This book studies an overarching question of the challenges faced by Chinese lawmakers, Chinese listed companies, Chinese companies’ external advisers, and securities regulators in dealing with Chinese cross-border listed companies’ continuous disclosure in Australia, and how can these challenges be addressed. Chinese listed companies are struggling to meet the continuous disclosure requirements while listing in Australia and have even been depicted as having poor corporate governance and transparency. Many get delisted from the securities market in Australia subsequently due to non-compliance in continuous disclosure or are straight rejected from listing because of continuous disclosure compliance concerns. This book cuts in from this angle and delves deep into the overarching question through the following four sub-questions: What are the theories and policies behind the continuous disclosure regimes in Australia and China and how have they been differently implemented in the securities markets in these two countries? What are the deficiencies, at the intracompany level, contributing to Chinese cross-border listed companies’ non-compliant continuous disclosure in Australia? What are the limitations, from the perspective of external advisers’ efforts, contributing to Chinese cross-border listed companies’ non-compliant continuous disclosure in Australia? What are the difficulties, at the regulatory level, contributing to Chinese cross-border listed companies’ non-compliant continuous disclosure in Australia? In addressing these questions and putting forward corresponding reform proposals, this book takes not only legal but also historical, cultural, and political-economic factors into consideration.

This book studies an overarching question of the challenges faced by Chinese lawmakers, Chinese listed companies, Chinese companies’ external advisers, and securities regulators in dealing with Chinese cross-border listed companies’ continuous disclosure in Australia, and how can these challenges be addressed. Chinese listed companies are struggling to meet the continuous disclosure requirements while listing in Australia and have even been depicted as having poor corporate governance and transparency. Many get delisted from the securities market in Australia subsequently due to non-compliance in continuous disclosure or are straight rejected from listing because of continuous disclosure compliance concerns. This book cuts in from this angle and delves deep into the overarching question through the following four sub-questions: What are the theories and policies behind the continuous disclosure regimes in Australia and China and how have they been differently implemented in the securities markets in these two countries? What are the deficiencies, at the intracompany level, contributing to Chinese cross-border listed companies’ non-compliant continuous disclosure in Australia? What are the limitations, from the perspective of external advisers’ efforts, contributing to Chinese cross-border listed companies’ non-compliant continuous disclosure in Australia? What are the difficulties, at the regulatory level, contributing to Chinese cross-border listed companies’ non-compliant continuous disclosure in Australia? In addressing these questions and putting forward corresponding reform proposals, this book takes not only legal but also historical, cultural, and political-economic factors into consideration.

By assessing a broad range of laws, regulations and codes, this book provides a valuable reference for understanding how much has been achieved in Chinese corporate governance and the main ambitions of future reform efforts.

Rapid economic development has focused attention from around the world upon China's corporate governance regime-particularly as, during the past few years, some of China's companies, mainly large, state-owned companies, have been aggressively buying foreign businesses overseas. China's huge capital injection and aggressive foreign investments have raised increasing and deep concerns among the target countries' governments, their business communities, and the global public. It is clearly of great importance that the people's Republic of China's business-partner countries understand corporate governance of many Chinese state-owned companies calls for a closer look at China's corporate governance theory and practice. The corporate disclosure regime plays a critical role in this regard. This timely and highly informative book provides, for the first time, comprehensive research on corporate governance in China, with detailed attention to the formation and reform of its corporate disclosure laws and regulations. Among the many factors analyzed are the following: -the role of the government in the management of state-owned companies; -the legal and regulatory environment; -majority shareholders' infringement of listed companies' interests' -the increasing independence of the boards of directors; -the role of institutional investor; -the shareholding structure; -law enforcement and shareholders' legal actions; -unmonitored insiders' control of corporate affairs; -the external governance structure; and -the absence of fiduciary duty. The author describes the nature of the many breaches of disclosure laws and rules in the two decades or so of the history of China's securities market and the pressures within the relevant government agencies confronting the problem. As a detailed analysis of the Chinese corporate disclosure regime that has emerged during the period of China's economic transition since the 1990's, this incomparable book will be of great interest to legal researchers, policymakers, and legal practitioners working with business investments in China.

Using detailed case studies of the first nine mainland Chinese companies to be listed on the Hong Kong stock exchange (1993 94), Alice de Jonge examines the evolution of corporate governance law and culture in China s H-share market. A story emerges not of tensions between ideas of corporate governance from two different legal systems Hong Kong vs. mainland Chinese nor about legal convergence as China adopts concepts from Anglo-American jurisdictions. Rather, it is a story of individual firms being pragmatic in mediating the different agendas of state-agencies that own or control them. Corporate Governance and China s H-Share Market looks at corporate governance in a cross-border context is unique in providing a detailed understanding of China s H-share market reveals why a beer company was the first ever Chinese firm to be listed overseas. This fascinating work will appeal to postgraduate students and scholars of corporate governance, Asian law and legal systems and Asian business, as well as Chinese scholars more generally. Professionals such as law practitioners working in Chinese law will also find the book of interest.

"Murray Weidenbaum has brought solid economic understanding and a talent for clear expression to analyses of a wide range of public and private policy problems. Written over the course of a remarkable and varied career as a scholar, official, and participant in varied businesses, this collection of concise essays is full of insights and lessons as fresh and relevant to issues of today as to the time they were written." --The Honorable Paul A. Volcker, former chairman of the Federal Reserve System "'One-Armed Economist' could easily have been titled 'Intellectually Honest Economist,' or 'Clear-Eyed Economist,' or 'Literate Economist.' Murray Weidenbaum is all of those things, as these essays, spanning his career, as professor, corporate planner, and top White House official, elegantly make clear. In a non-dogmatic, non-doctrinaire, clear-headed and clearly written fashion, Weidenbaum ranges over the widest range of issues involving business, government and economics. He is that rare person who can write for an audience of experts and specialists while still being able to reach a larger audience. People in business, government and academia, as well as those in corner shops and on factory floors, can benefit from his insights and experiences."--Norman Ornstein, Resident Scholar, American Enterprise Institute "Murray Weidenbaum is a triple threat: a wise, witty, and one-armed economist. This wonderful selection of his professional writing displays impressive public policymaking insights based on an extraordinarily rich set of experiences in the public and private sector; a refreshingly puckish and self-deprecating humor; and a most welcome willingness to say exactly what he thinks."--Thomas E. Mann, W. Averell Harriman Chair and Senior Fellow, The Brookings Institution "Murray Weidenbaum's One Armed Economist: On the Intersection of Business and Government is must-reading for students and scholars of economic policy. A blend of theory, history and practice, this collection of essays provides important and enduring insights into subjects as diverse as government regulation of business, tax reform, the military and presidential advising from the invaluable perspective of an academic who has also been inside business and government. Highly recommended."--Michael J. Boskin, T.M. Friedman Professor of Economics, Hoover Institution Senior Fellow and Former Chairman, President's Council of Economic Advisors "With this book we all have available to us the perceptivity and wisdom of a distinguished American economist. It is good that these pieces were brought together in one package." --Paul W. McCracken, Distinguished University Professor Emeritus of Business Administration, Economics, and Public Policy, University of Michigan Business Schools One-Armed Economist represents a personal, if eclectic, approach to public policy. Weidenbaum avoids doctrinaire positions, be they Keynesian or monetarist or supply side or libertarian. This distillation of Weidenbaum's wide range of writings on public policy issues over the last four decades draws on his practical experience in government and business as well as his academic research over that extended period. The volume covers six major clusters of policy issues: economic policy, government programs, business decision-making, government regulation, the defense sector, and the international economy. There are chapters on how to achieve a cleaner environment, how to fundamentally overhaul the tax and health care systems, and a defense of Reaganomics. The work examines how public sector activities impact the performance of the national economy. Its coverage includes the role of government as a buyer, a seller, a provider of credit, and a source of subsidy and support. Drawing heavily on his experience as economist for a major military contractor, Weidenbaum shows that the defense industry is the most heavily regulated sector of the Amer

The Australia–China Joint Economic Report is the first major independent joint study of the bilateral relationship and has the blessing of both national governments. The Report is an academic policy study by leading researchers in both Australia and China. It draws policy conclusions to guide the development of bilateral economic relations that include an Australia–China Comprehensive Strategic Partnership for Change, an Australia–China Commission, and an Australia–China Basic Treaty of Cooperation.