With the development of global financial innovation, the financial instruments become to be more personalized and complicated. In the meantime, the structure is also changed from a single form to multiple forms. If the individual equity is described as a kind of “dotted” financial product in East Asian capital market, then the Equity-linked hybrid securities are just like “linear” financial products which connect those “dotted” products. Along with the trend of East Asian capital market’s integration, some legal regulation problems are revealed also. The Korean ELS case is an important entry point of rethinking legal regulation system of equity-linked hybrid securities. Especially, a premise question confronting us is, which interest is more significant in legal regulation of equity-linked hybrid securities market, financial market promotion or investors protecting? There is no denying the answer that both of them are important. However, this standpoint is only existed in the ideal state, not in a real world. That’s why different stage of financial market needs to be focused on different interest. With the development of Shanghai-Hong Kong Stock Connect Program, the market of equity-linked hybrid securities in Mainland China is forced to be improved by the Hong Kong market. Besides Shanghai-Hong Kong Stock Connect Program, Shanghai-South Korea Connect Program and other programs will also come out in future. These will promote the East Asian capital market’s integration. A balance between investors protection and market promotion is essential.