为了规避境内证券监管机构的上市审查程序，海外投行与国内中介机构为拟赴海外上市的境内企业设计出了所谓的红筹架构，红筹架构问世之后一度成为了境内企业跨境私募与海外上市的首选方案。但是随着境内外资本市场发生了深刻的变化，海外市场对红筹企业的吸引力降低，而境内市场呈现出的活力则吸引了一批优质红筹企业。然而面对尚不完备的配套制度和捉摸不定的监管态度，这些拟回归红筹企业只得望洋兴叹。

直到近几年，日趋完善的制度供给激发了红筹企业回归境内资本市场的决心。为了争取更多优质上市资源，监管机构的监管理念也逐渐从保守转向包容。红筹企业的主营业务所在地与公司注册地跨多个司法权区，其回归过程中涉及多个法域的法律规范，因此我国证券监管机构应当充分尊重法律规范之间的差异性，同时要求中介机构扮演好“看门人”的角色，确保红筹企业的投资者权益保护水平等重大事项总体上不低于境内法律法规规定的要求。在完善和构建红筹回归的相关监管体制时应当重点健全信息披露制度，贯彻“卖者尽责，买者自负”理念。此外，还应加强跨境监管合作，以审计监管合作为突破口健全境内外监管机构的沟通机制。最后，要尊重境内外制度差异，完善投资者权益保护对等规则。

本文从红筹回归的法律监管视角出发，首先分析了红筹上市及红筹回归的背景，归纳红筹回归的原因及必要性，并将红筹企业回归境内资本市场的主要途径类型化。接着本文分析了红筹回归法律监管的理论基础，并梳理了我国监管理念的变迁过程。之后文章列举了红筹回归过程中监管机构重点关注的法律问题。最后从多个维度提出了提升我国红筹回归监管效能的若干建议。

本文第一部分是红筹企业回归境内资本市场的概述。通过对红筹回归的相关概念进行辨析，明确本文的研究对象。在分析境内外资本市场环境变化后，指出红筹企业回归的原因包括内松外紧的监管差异、沽空机构频频做空、估值差异形成套利空间等。文章认为红筹回归具有优化境内资本市场生态；推动资本市场国际化进程；让境内投资者共享优质企业发展红利等益处。随后列举了红筹企业回归境内资本市场的主要途径。

本文第二部分是对红筹回归法律监管理念的归纳和分析。首先从理论层面择重列举了红筹回归法律监管的理论基础，指出根据市场失灵理论、竞次理论和竞优理论以及投资者保护理论，建立健全科学、有效的红筹监管体制是推动资本市场多元化发展的应有之义。之后，对过去几年监管机构的政策演变历程进行了梳理，得出了红筹回归监管理念必将会更加开放、包容的结论。

本文第三部分分析了监管机构重点关注的若干事项，具体包括红筹企业的投资者权益保护措施是否符合境内监管要求；红筹企业从设立到运营再到回归过程中涉及到的税务和外汇事项是否合法合规；从公司的历史沿革、股权权属、对员工持股平台的处理等方面考量公司的股权结构是否清晰、稳定。

本文第四部分提出了若干建议以期能够提升我国红筹回归的监管效能。首先，应完善信息披露制度。完善首次信息披露制度，借鉴适用IOSCO制定的指引性文件协调跨境信息披露的差异；健全持续信息批准制度，在遵守信息披露基本原则的基础上为境外已上市红筹企业设置更具包容性的持续信息披露制度。其次，加强跨境证券监管合作。从分流审计底稿和加强审计质量控制角度入手推动审计监管合作；吸取域外监管经验教训，在尊重红筹企业与境内企业差异性的基础上制定跨境上市豁免制度。最后，应完善投资者保护对等规则。引入“受认可法域”制度对回归的红筹企业实行分类监管；制订投资者权益保护事项正面清单，保障投资者权益，提升监管效率。

【关键词】：红筹企业；回归；资本市场；监管

 

Research on Legal Supervision of Red Chip Enterprises Returning to Domestic Capital Market

(Abstract)

In order to circumvent the listing review procedures of domestic securities regulatory agencies, overseas investment banks and domestic intermediaries have designeda so-called red chip structure for domestic companies that intend to list overseas. After the advent of the red chip structure,it once became the first choice for domestic enterprises' cross-border private placement and overseas listing. However, as the domestic and foreign capital markets have undergone profound changes,the attractiveness of overseas markets to red-chip companies has decreased,and the vitality of the domestic market has attracted a number of high-quality red-chip companies. However, in the face of incomplete supporting systems and uncertain regulatory attitudes, these red-chip companies are at a loss.

In recent years, increasingly perfect institutional supply has inspired red-chip companies to return to the domestic capital market. In order to strive for more high-quality listing resources,the regulatory philosophy of regulatory agencies has gradually shifted from conservative to inclusive. The main business location of the red chip company and the company registration place span multiple jurisdictions, and the return process involves the legal regulations of multiple jurisdictions. Therefore, my country’s securities regulatory agencies should fully respect the differences between legal regulations and require intermediaries. Institutions play the role of "gatekeeper" to ensure that the level of protection of investors' rights and interests of red-chip companies and other major matters are generally not lower than the requirements of domestic laws and regulations. When improving and constructing the relevant regulatory system for the returnof red chips, we should focus on improving the information disclosure system. In addition, we should also strengthen cross-border regulatory cooperation, and use audit regulatory cooperation as a breakthrough to improve thecommunication mechanism between domestic and foreign regulatory agencies. Finally, it is necessary to respect the differences between domestic and foreign systems and improve reciprocal rules for investor rights protection.

From the perspective of legal supervision of red chip return,this article first analyzes the background of red chip listing and red chip return, summarizes the reason and necessity of red chip return, and categorizes the main ways for red chip companies to return to the domestic capital market. Then this article analyzes the theoretical basis of the return of red chips to legal supervision, and sorts out the process of changes in the concept of supervision in our country. Afterwards, the article lists the legal issues that theregulators will focus on during the return of red chips. Finally, several suggestions for improving the effectiveness of my country's red chips return to supervision are put forward from multiple dimensions.

The first part of this article is an overview of red chip companies returning to the domestic capital market. Through the analysis of the related concepts of red chip regression, the research object of this article is clarified. After analyzing the changes in the domestic and foreign capital market environments, it is pointed out that the reasons for the return of red-chip companies include regulatory differences between internal and external tightness,short-selling institutions frequently shorting, and valuation differences create arbitrage space. The article believes that the return of red chips can optimize the domestic capitalmarket ecology; promote the internationalization of the capital market;allow domestic investors to share the benefits of high-quality corporate development dividends. Then it enumerates the main ways for red-chip companies to return to the domestic capital market.

The second part of this article is a summary and analysisof the concept of red chips returning to legal supervision. First, from the theoretical level,the theoretical basis for the return of red chips to legal supervision is listed. It is pointed out that according to the market failure theory,the competition theory,the competition theory and the investor protection theory, the establishment of a sound and effective red chip supervision system is to promote the capital market. The proper meaning of diversified development.After that, the review of the policy evolution of the regulatory agenciesin the past few years was carried out,and the conclusion that the red-chip return to the regulatory concept would be more open and inclusive.

The third part of this article analyzes a number of issues that regulators focus on,including whether the investor rights protection measures of red-chip companies meet domestic regulatory requirements;the tax and foreign exchange issues involved in the process of red-chip companies from establishment to operation to return Whether it is legal and compliant; consider whether the company’s equity structure is clear and stable from the company’s historical evolution, equity ownership, and handling of the employee’s shareholding platform.

The fourth part of this article puts forward a number of suggestions in orderto improve the supervision efficiency of the return of red chips in my country. First of all, the information disclosure system should be improved.Improve the initial information disclosure system,draw on the guidance documents formulated by IOSCOto coordinate the differences in cross-border information disclosure;improve the continuous information approval system, and set up more inclusive overseas listed red-chip companies on the basis of complying with the basic principles of information disclosure Continuous information disclosure system. Second, strengthen cross-border securities supervision cooperation.Promote audit supervision cooperation from the perspective of diversion of audit papers and strengthening of audit quality control;learn from the experience and lessons of extraterritorial supervision, and formulate a cross-border listing exemption system on the basis of respecting the differences between red chip companies and domestic companies. Finally, the investor protection reciprocity rules should be improved.Introduce a system of "recognized jurisdictions" to implement classified supervision ofreturning red-chip companies; formulate a positive list of investor rights protection matters to protect the rights of investors and improve the efficiency of supervision.

[Key Words] red chips; regression; capital market; supervision