Abstract
The equity structure could influence a companys control and decision-making efficiency, which is closely related to the stable operation and performance of various enterprises. Several technology enterprises in China's capital market have abandoned the traditional "one share, one vote" equity system, instead adopting a dual-class share structure. In order to further inform the differences that technology companies will experience after adopting such a particular ownership structure, we collect abundant corresponding information from companies and researches from scholars. NIO has great research value in the rapidly changing industry currently. This paper uses NIO as an example to analyze the company's operational conditions under its dual-class share structure, including financial status, management changes, and financing activities. Furthermore, we discuss both the practical and theoretical evaluations of the dual-class share structure nowadays and explore the concept of a sunset clause. Finally, we summarize the paper and provide an outlook on the future adoption of dual-class share structures by technology companies.
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