Abstract：The opening of the capital market to the outside world is one of China’s important national development strategies in the new era；cross-listing is both a major means of capital transfers around the world and an important indicator to measure the degree of openness of a country’s capital market. Currently，a safer approach for cross-listing in China is first to pilot direct listing of red-chip companies domestically and then expand to all foreign companies while systematically establishing a set of relevant rules over the international- board market. Under the requirement of rule of law in finance，listing qualifications should be clarified and regulated in the framework of the security law and corresponding listing criteria should be set according to different legal factors to effectively reflect the characteristics of cross-listing and to attract high-quality red-chip companies to return. Direct listing procedures can be appropriately simplified and efficiency be improved for red chips in the context of different markets’ regulations and their performances and information that the companies have disclosed. General or fundamental standards of other countries’mature information disclosure systems should be taken as a reference and differentiated rule design for the disclosure should be made according to the characteristics of red-chip enterprises.
Key words：opening up；cross-listing；red-chip companies；financial security；rule of law in finance
The Chinese version appeared in Jianghan Academic, 2019(02).