3. The following is a description of cross-listing. What is the wrong explanation? (5 points) Answer: (You can answer multiple times) Cross-listed refers to the act of a company listing its shares on overseas exchanges in addition to exchanges in its home country. Cross-listed has the advantage of increasing the demand for stock investment by expanding the investor base of the company to overseas investors. If the securities-related regulations of the country to be cross-listed are relatively strict, it can have a positive information effect that the company's governance structure is very well established. Stocks are also listed overseas, which has the disadvantage of being vulnerable to unfavorable takeovers. Cross-listing is also allowed for non-multinational companies (MNCs), in addition to multinational companies (MNCs) that have shown a certain level of business capabilities in overseas countries.