China Securities Regulatory Commission: "Promoting the delisting of Chinese companies listed in the US" is a misunderstanding
Fully respect the company's compliance with laws and regulations to independently choose the place of listing. my country's promulgation of relevant policies has no inevitable connection with the company's overseas listing
"Recently, the United States Securities Regulatory Commission (SEC) announced the implementation rules of the "Foreign Companies Accountability Act", and individual companies announced their delisting from the United States, which has aroused widespread market attention. What is the comment of the Securities Regulatory Commission? What are your views on cooperation and the prospects for domestic companies to go public in the United States in the next step?” On December 5, the spokesperson of the China Securities Regulatory Commission responded to reporters’ questions in response to the above questions.
A spokesperson for the China Securities Regulatory Commission said that we have noticed these situations and are also concerned about the market's concerns about China-US audit and supervision cooperation and the prospects for domestic companies to go public in the United States in the next step.
The China Securities Regulatory Commission and relevant regulatory authorities have always maintained an open attitude towards companies choosing overseas listing locations, and fully respected companies' independent choice of listing locations in compliance with laws and regulations.
Recently, individual media reports that Chinese regulatory authorities will prohibit agreement-controlled (VIE)-structured companies from listing overseas and promote the delisting of Chinese companies listed in the United States. This is a complete misunderstanding and misunderstanding.
As far as we know, some domestic companies are actively communicating with domestic and foreign regulatory agencies to promote listing in the United States.
The spokesperson pointed out that with regard to China-US audit supervision cooperation, the China Securities Regulatory Commission has recently conducted candid and constructive communications with regulatory agencies such as the US SEC and the US Public Company Accounting Oversight Board (PCAOB) on solving problems in the cooperation. , Has made positive progress in promoting cooperation on some key issues.
We believe that as long as the regulatory agencies of both sides continue to carry out dialogues and consultations based on the principles of mutual respect, rationality, pragmatism, and professional trust, they will be able to find a cooperation path that is acceptable to both parties.
In fact, China and the United States have been cooperating in the field of audit and supervision of China's concept stocks, and they have also explored effective cooperation methods through pilot inspections, laying a good foundation for cooperation between the two parties.
However, in recent years, some political forces in the United States have politicized capital market supervision, suppressed Chinese companies listed in the United States for no reason, and forced Chinese companies to delist. This not only violates the basic principles of market economy and the concept of the rule of law, but also harms the interests of global investors. And the international status of the U.S. capital market is a kind of "lose more" approach, which is not good for anyone.
In today's highly globalized capital market, it is even more necessary for regulators to deal with audit and supervision cooperation issues in a pragmatic, rational, and professional manner. Forcing Chinese companies listed in the United States to delist from the market should not be a responsible policy option.
The spokesperson also pointed out that for a period of time, relevant Chinese regulatory authorities have introduced a series of policies and measures to promote the standardized development of platform economy, the main purpose of which is to regulate monopolistic behavior, protect the rights and interests of small and medium-sized enterprises, data security, personal information security, and eliminate financial services. A regulatory vacuum prevents the disorderly expansion of capital.
In response to these new problems and new tests, regulatory agencies in various countries are also trying to adopt different regulatory measures to promote a healthier and more sustainable development of the platform economy.
Therefore, the relevant policies issued by the Chinese government are not a suppression of specific industries or private enterprises, nor are they necessarily related to overseas listing activities of enterprises.
The spokesperson finally said that in the process of implementing relevant regulatory measures, the relevant Chinese regulatory authorities will unswervingly promote reform and opening up, adhere to the "two unwavering", coordinate and handle the relationship between investors, enterprises, and regulators, and further Improve the transparency and predictability of policy measures.
The China Securities Regulatory Commission will also continue to maintain candid communication with US regulatory counterparts, and strive to resolve the remaining issues in the audit and regulatory cooperation as soon as possible.
Text/Reporter Liu Shenliang