Self-regulatory Measures as Securities Regulation: The Saga of Antitakeover Regulation in China

(2022) 33 International Company and Commercial Law Review, pp. 350-361.

15 Pages Posted: 21 Oct 2023

Date Written: June 24, 2022

Abstract

Who writes antitakeover regulation in China? The rise of stock exchanges as self-regulatory agencies has tansformed the landscape of antitakeover regulation in China. With non-coercive regulatory letters, stock exchanges' disclosure-based approach has settled long-lasting debate on the validity of antitakeover provisions in China. Depending on justifications listed companies provide for antitakeover provisions, self-regulatory measures allow stock exchanges in China to run case-by-case review on the validity of antitakeover provisions in China. With self-regulatory measures, antitakeover regulation in China has been incrementally deviating from orthodoxically ex ante legislative prohibitions, and at the same time converging towards an agenda of disclosure-based ex post regulatory review. The saga of antitakeover regulation in China has provided an example, which can help securities and financial regulators to navigate through challenges when laws and regulations remain abstract, fragmented, and not immediately applicable. The findings of this article contribute to the broader discourse on securities and financial regulatory antonomy in times of financial and global health-care crisis.

Keywords: China, Merger control, Self-regulation, Stock exchanges

Suggested Citation

Han, Sirui, Self-regulatory Measures as Securities Regulation: The Saga of Antitakeover Regulation in China (June 24, 2022). (2022) 33 International Company and Commercial Law Review, pp. 350-361., Available at SSRN: https://ssrn.com/abstract=4581974

Sirui Han (Contact Author)

HKUST ( email )

4360, Academic Building, HKUST
Clear Water Bay, Kowloon
Hong Kong
Hong Kong

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