Legal Analysis of Liabilities for Securities Underwriters——Case Study on Changjiang Securities Company about Share Issuance and Underwriting Liabilities

A series of legal problems arise from the additional issuance of shares by Changjiang Securities Company,such as the nature of underwriters' liabilities,the validity of underwriting agreement,the amount of underwriting,the joint liabilities of principal and assistant underwriters and the defense right to underwriting.Whether the nature of underwriting liabilities is statutory or default will directly determine whether the issuer and underwriter can negotiate to reduce the amount upon the expiration of underwriting period.The underwriting liability is mandatory to the underwriters,which cannot be waived,lessened or exempted.It is a fundamental obligation for the underwriters to underwrite the balance of shares,so any lessened or exempted obligation would conflict with the underwriting system and do harm to the public issuance system of shares in our country.