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.
Dr Belle Qi Guo is a Lecturer (Teaching and Research) in Law at the University of Dundee. She has also taught at the University of Sydney Law School. Before that, she conducted her PhD in the School of Private and Commercial Law, Faculty of Law and Justice at the University of New South Wales. Her PhD was funded by the Australian Governments Endeavour Leadership Program. She also holds an LLM in Commercial Law and an LLB from the Northwest University of Politics and Law. Belles areas of research are in corporate law, corporate governance, and comparative law. She has written a number of papers on corporate information disclosure from a comparative perspective and published in top-ranking Australian and international journals.
Introduction.- The evolution of and rationales for continuous disclosure requirements in Australia and China: Theoretical framework.- Application of continuous disclosure requirements: A comparative analysis of continuous disclosure provisions in Australia and China.- Continuous disclosure compliance management within Chinese listed companies: Deficiencies and enhancement proposals.- Role of external advisers in the continuous disclosure of Chinese listed companies: Limitations in the due diligence obligation and reform proposals.- Securities cross-border supervision in China: Difficulties and improvement proposals.- Conclusion.