Valuation adjustment mechanism in China’s capital markets
Abstract:
Valuation adjustment mechanism (VAM) is widespread in China’s capital markets, but is rarely discussed at either the practical or the academic level. This chapter reviews the development of VAM in China’s capital markets and analyzes the reasons for its popularity in China. It discusses the first argued VAM case, focusing on the risks and validity of VAM in China. A case study on the legitimacy and disputes of VAM in mainland China is undertaken, and the judgments of courts at different levels are analyzed and discussed in detail. Since there is no special regulation for managing VAM clauses, the first and only judgment by the highest court is significant and deserves consideration. ...
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