July 5, 2020
While the objective of seeking accounting transparency and access to working papers is critical, the bigger issue is of what investors actually own of the listed entity, given the unenforceability of the legal structures whose economic interests are in the listed company. How do you seek to ensure that investors are protected?
This becomes increasingly pertinent as in the event that some/many of these companies seek to delist, how would you ensure that the exit or going private valuations are fair? There are numerous cases where these companies have been privatized here, only to be relisted at significantly higher valuations in their home markets, like Focus Media, Feihe and Wuxi.