China’s Takeover Law: A Comparative Analysis and Proposals for Reform Huang, Hui en_US 2021-11-25T12:37:59Z 2021-11-25T12:37:59Z 2005 en_US
dc.description.abstract This article is largely prompted by the two recently promulgated regulations governing takeovers in China. The goal of this article is to critically examine the legal takeover regime in China and to put forward proposals for reform. To outline the discussion, Part II describes the stock market, the takeover law, and the takeover activities in China. Two legislative goals, namely contestability of takeovers and shareholder protection, are set out in Part III. Under these principles, Part IV and Part V explore the issues of tender offer and anti takeover defenses, respectively. Specifically, Part IV focuses on information disclosure and other major rules relating to takeovers. It appears that these rules are in line with the international norm and acceptably workable in the context of China. Furthermore, Part V explores the serious problems that are associated with anti-takeover defenses. China's law seems to be both over inclusive and under inclusive in this respect. After an in depth comparative analysis of the legal regimes in the U.S., UK, and Australia, it is apparent that those regimes are not suitable for China's local conditions. Lastly, this article proposes a regime in which shareholders could veto the use of takeover defenses ex post, while requiring that certain defensive measures be decided ex ante. This proposal could well suit China's needs because it not only gives shareholders sufficient protection, but also preserves necessary flexibility for management to efficiently respond to truly undesirable tender offers. en_US
dc.identifier.issn 0364-9490 en_US
dc.language English
dc.language.iso EN en_US
dc.rights CC BY-NC-ND 3.0 en_US
dc.rights.uri en_US
dc.source Legacy MARC en_US
dc.subject.other Corporations and Associations law (390105) en_US
dc.subject.other listed companies en_US
dc.subject.other Takeover en_US
dc.subject.other China en_US
dc.title China’s Takeover Law: A Comparative Analysis and Proposals for Reform en_US
dc.type Journal Article en
dcterms.accessRights open access
dspace.entity.type Publication en_US
unsw.description.notePublic Original inactive link: en_US
unsw.relation.faculty Law & Justice
unsw.relation.ispartofissue 1 en_US
unsw.relation.ispartofjournal Delaware Journal of Corporate Law en_US
unsw.relation.ispartofpagefrompageto 145-197 en_US
unsw.relation.ispartofvolume 30 en_US
unsw.relation.originalPublicationAffiliation Huang, Hui, Law, Faculty of Law, UNSW en_US School of Law *
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