A Study on the Legal Issues of Holders Protection in the Panda Bond Issuance Process
- 1 Law School, University of International Business and Economics, Beijing, China
- 2 School of International Trade and Economics, University of International Business and Economics, Beijing, China
Abstract
With the macro background of the current global economic downturn and political instability, the possibility of default risk in Panda Bonds has increased significantly. Therefore, how to prevent default risks and strengthen holder protection in the Panda Bond market while meeting the basic demands of overseas bond issuers and expanding openness has become an important issue worth studying. To address this issue, it is necessary to first examine Panda Bonds at the “birth” stage (issuance). In the financial information disclosure of Panda Bonds, a feasible model that complies with the supervision of overseas auditing agencies should be sought, which is different from the European Union (EU)’s standards equivalence system and the unilateral registration system in the United States (US). It should provide sufficient space to support the future development of Panda Bonds, without causing excessive impact on the domestic market as in the US model by opening up too much.
- Chen, S. (2006). Special Studies on Securities Law (p. 17). Higher Education Press.
- European Union (EU). https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02007R1569-20120101&from=DE
- Gan, P. C. (2014). Business and Corporate Jurisprudence (7th ed., p. 280). Peking University Press.
- Hong Kong Stock Exchange. http://www.hkex.com.hk/chi/rulesreg/listrules/listsptop/listoc/list“of_aoj”c.htm
- Hong, Y. R. (2015). Critique and Reconstruction of the Bond Rules of the Securities Law. Journal of China University of Political Science and Law, 3, 72.
- Jiang, D. X. (2012). The Neglected History of the Bond System—The Legal Bottleneck of Chinese (Corporate) Bonds. Journal of Henan University of Economics and Law, 4, 42.
- Li, J., & Zhang, Z. F. (2016). Panda Bonds Will Gradually Drive into Its “Fast Lane” of Development. China Banking, No. 1, 50.
- Qian, Z. X. (2020). Impact of COVID-19 on Urban Investment Platform and Countermeasures: A Case Study of a Provincial Urban Investment Platform in Eastern China. Modern Finance, No. 3, 18-20.
- Qiu, X. G. (2011). Research on Countermeasures for Protection of Corporate Creditors’ Interests—Centering on Risk Control and Governance Mechanisms (p. 140). China Social Science Press.
- Walker, D. M. (2003). The Oxford Dictionary of Law (Translated by Li Shuangyuan, p. 282). Law Press.
- Wang, F. (2013). Fundamentals of Securities Markets (p. 48). Machinery Industry Press.
- William, B. W. (1984). The Interpretation of Contracts Governing Corporate Debt Relationships. Cardozo Law Review, 5, 371-407.
- Ye, L. (2010). Tutorial on Securities Law (p. 5). Law Press.
- Zhou, Y. F. (2010). Bond Credit Enhancement (p. 6). Beijing University Press.