China Securities Regulatory Commission: Improving the regulatory system for overseas listing of enterprises is not a tightening of regulatory policies for overseas listing
China News Service, Beijing, December 24 (Reporter Xia Bin) The China Securities Regulatory Commission announced on the 24th the "Regulations of the State Council on the Administration of Domestic Enterprises' Overseas Issuance and Listing of Securities (Draft for Solicitation of Comments)" and "Domestic Enterprises' Overseas Issuance and Listing of Securities Record Management Measures (Draft for Solicitation of Comments)", soliciting opinions from the public.
The relevant person in charge of the China Securities Regulatory Commission told reporters that looking forward to the future, the direction of opening up will not change, nor will the attitude of supporting enterprises to make good use of the two resources.
Improving the regulatory system for overseas listing of enterprises is not a tightening of regulatory policies for overseas listing.
The above-mentioned person in charge stated that we will continue to pursue development through opening up and promote development through regulation, maintain smooth overseas financing channels, provide clear, transparent and operable rules for companies’ overseas listing activities, and build a more stable and predictable system surroundings.
The person in charge stated that if the competent authority of a specific industry field clearly requires an enterprise to perform regulatory procedures before listing overseas, the enterprise should obtain regulatory opinions, record or approval documents issued by the competent authority before submitting an application for record.
According to regulations, the China Securities Regulatory Commission will take the lead in establishing a cross-departmental supervision and coordination mechanism for overseas listing of enterprises. After receiving the application materials for enterprise filing, it will actively strengthen communication with relevant competent authorities or solicit opinions to improve filing efficiency.
At the same time, the China Securities Regulatory Commission will cooperate to promote the relevant authorities to clarify the regulatory system rules in related fields and improve the predictability of policies.
In addition, for companies involved in foreign investment security reviews, network security reviews and other laws and regulations that are listed overseas, the companies shall apply for security reviews in accordance with the law before submitting their filing applications.
The person in charge specifically mentioned that under the premise of complying with domestic laws and regulations, agreement control (VIE) structure enterprises that meet compliance requirements can be listed overseas after filing.
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