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Lyft IPO process blocked investors call for the abolition of dual ownership structure

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Lyft IPO process blocked investors call for the abolition of dual ownership structure
According to foreign media reports, Lyft, an American online car company, officially released its IPO prospectus earlier this month. According to the prospectus, the company intends to launch an IPO in the Nasdaq Global Select Market under the stock code "LYFT" with a total of $100 million. But a group of pension funds, trade unions and asset managers from the United States, Britain and Europe are urging Lyft's board to abandon the proposed two-tier equity structure. Lyft disclosed in its regulatory filing this month that it planned to launch two types of stocks (each with 20 votes): one that would give insiders almost complete control of the company, and the other that would be issued to everyone else. This will give its founders Doug Green and John Zimmer more voting power than their share of about 7% before the initial public offering, give them greater influence in major decisions and help them resist radical shareholders. According to some investment portfolios...
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