The CCTL Corporate Law and Governance Cluster held an online seminar on ‘Dual-Class Structure in the Age of Unicorns Going Public: What Have Been Discussed and What Have We Known?’  On 15 April 2021, Prof. Wei Zhang, Associate Dean of the Singapore Management University, School of Law, delivered a presentation on his ongoing research.   Prof. Zhang started his talk by providing an overview of the significant issues in the dual-class structure (DCS) listing discourse. He observed that DCS is traditionally perceived as an anomaly in the United States, and that there has been a fast development of the DCS practices in Asian markets in recent years. Prof. Zhang proceeded to offer empirical evidence on the use of DCS in the tech sector in the United States and examine the impact of the adoption of sunset clauses on firms’ value.

Prof. Xi Chao, Associate Dean (Research) and Head of Graduate Division of Law at CUHK LAW, chaired the seminar and moderated the discussion.