Our reporter Wu Xiaolu

　　The regulatory system for overseas issuance and listing of domestic enterprises will be further improved.

　　On April 2, the China Securities Regulatory Commission publicly solicited opinions on the "Provisions on Strengthening the Confidentiality and Archives Management Work Related to the Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comments)" (hereinafter referred to as the "Regulations"), to protect the confidentiality related to overseas listings. Provide clearer guidelines for file management and file management, clarify the main responsibility of listed companies for information security, improve cross-border supervision cooperation arrangements, and provide institutional guarantees for safe and efficient cross-border supervision cooperation.

　　Since then, Chinese stocks have been boosted.

Data shows that on April 5, Beijing time, Chinese stocks rose as a whole, and five companies including Dingdong Maicai rose by more than 20%.

As of the close of the day, the Nasdaq China Golden Dragon Index closed up 7.37%.

　　Market participants believe that the "Regulations" will help relevant entities related to overseas issuance and listing to carry out their work actively and orderly, promote Sino-US cross-border audit supervision cooperation to reach an agreement as soon as possible, and build a regulatory environment for the sustainable and healthy development of Chinese concept stocks.

　　Amendments based on legal and regulatory practice

　　Deepen opening up under the premise of security

　　The original "Regulations" were promulgated in 2009. Regarding this revision, the person in charge of the relevant department of the China Securities Regulatory Commission said in response to a reporter's question, "For more than a decade, the relevant laws and regulations and institutional environment have changed significantly, and the market and regulatory practices have continued to deepen. It is increasingly difficult to adapt to the new situation.”

　　From the perspective of laws and regulations, the new Securities Law clarifies that "domestic enterprises that issue securities overseas directly or indirectly or list and trade their securities overseas shall comply with the relevant regulations of the State Council", and improve the cross-border supervision and collaboration system.

　　The "Opinions on Strictly Crackdown on Illegal Activities of Securities in accordance with the Law" issued by the Central Office and the State Office in July last year clearly stated, "Hurry up to revise the regulations on strengthening the confidentiality and file management related to the issuance and listing of securities overseas, and compact overseas listed companies. The main responsibility of information security.

　　In December last year, the China Securities Regulatory Commission, together with the relevant departments of the State Council, revised and drafted the "State Council's Regulations on the Administration of the Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comment)", and also drafted the "Administrative Measures for the Recordation of Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comment)". )” and public consultation.

　　The revision of the "Regulations" maintains the connection with the higher law, expands the scope of domestic enterprises, includes the indirect listing of domestic enterprises overseas, clarifies the main responsibility of listed companies for confidentiality, clarifies the requirements for accounting file management, and revises relevant overseas inspection regulations.

　　Yang Zhiguo, executive president of Lixin Certified Public Accountants, said in an interview with a reporter from Securities Daily that from the perspective of market practice, the revision of the "Regulations" will help to maintain national information security, deepen cross-border regulatory cooperation, and promote overseas Chinese enterprises. The orderly development of securities issuance and listing activities plays a very important role in safeguarding national economic security, protecting social and public interests, regulating related confidentiality and file management, and improving the standardization and legalization of domestic enterprises' overseas issuance and listing of securities. .

　　In an interview with a reporter from Securities Daily, Wang Song, a partner in charge of auditing at PricewaterhouseCoopers Zhongtian North District, said that the revision of the "Regulations" is also one of the important measures to implement the requirements of the special meeting of the Financial Stability and Development Committee of the State Council on March 16.

Facing the current opportunities and challenges of economic globalization, the promulgation of the "Regulations" is an integrated measure to continue deepening reform and opening up, laying a foundation for handling the relationship between openness and security, and will continue to promote the diversity of capital market choices and provide financing for enterprises. , international development, and integration into the global economy to provide stronger support.

　　"The "Regulations" are intended to adhere to financial openness on the premise of ensuring security, clarify that the provision of confidential information to the outside world must be subject to approval, and that on-site inspections do not necessarily have to be led by domestic institutions." Tian Lihui, dean of Nankai University's Institute of Financial Development, accepted the Securities Daily reporter said in an interview.

　　Cross-border regulatory cooperation is expected to strengthen

　　Chinese concept stocks welcome a positive rebound

　　Wind information data shows that there are currently 281 Chinese concept stocks listed in the United States. After the release of the "Regulations", on April 5, Beijing time, 220 Chinese concept stocks rose, accounting for nearly 80%.

　　Market participants believe that the "Regulations" will play a positive role in promoting early agreement between Chinese regulators and overseas regulators on cross-border audit supervision. With the increasing predictability and certainty of policies, market concerns may gradually eliminated.

　　Since the beginning of this year, three batches of 11 Chinese concept stocks have been included in the "pre-delisting list" by the SEC (US Securities and Exchange Commission).

According to the "Foreign Company Accountability Act", public companies will be subject to mandatory delisting and delisting for three consecutive years using an auditor that has not been reviewed by the PCAOB (American Public Company Accounting Oversight Board).

In this regard, the Securities Regulatory Commission has responded twice.

On March 31, the head of the International Department of the China Securities Regulatory Commission stated that whether the listed companies will truly delist in the next two years will ultimately depend on the progress and results of China-US audit and supervision cooperation.

　　"Many of the Chinese concept stocks are leading companies in China's related industries, and some have strong international influence, but they are subject to the "Foreign Company Accountability Act" of the United States and the relevant supporting regulations issued by the US SEC and PCAOB. Foreign investors have many doubts about whether many Chinese stock companies can continue to be listed in the United States." Yang Zhiguo said that if China and the United States can reach a new cross-border supervision mechanism agreement based on the revised "Regulations", it is expected to solve the problem of Chinese concept stocks. The unfavorable situation of being required to terminate the listing in the future will help the sustainable and healthy development of listed Chinese concept stocks.

　　The "Regulations" deleted the statement that "on-site inspections should be mainly conducted by Chinese regulatory agencies, or rely on the inspection results of Chinese regulatory agencies", which is regarded by the market as a major reform.

"This reflects the open attitude of the regulatory authorities to cross-border audit and supervision cooperation, and provides a system guarantee for the safe and efficient development of cross-border supervision cooperation." Wang Song said, "The "Regulations" are a great way to solve the problem of cross-border supervision and cooperation between Chinese concept stocks. It is a crucial step, and we look forward to the smooth progress of the follow-up negotiations between the Chinese and American regulators.”

　　"The "Regulations" clarify the necessary system requirements, effectively reduce policy risks, and reflect the spirit of cross-border supervision and cooperation of understanding and coordination. Tian Lihui believes.

　　Regulate businesses and intermediaries

　　Carry out overseas listing activities in an orderly manner

　　The "Regulations" provide clearer guidelines for the next steps of overseas listed companies and intermediaries.

Wang Song said, "The "Regulations" provide guidelines for auditors on how to handle confidential sensitive information in working papers, which will improve the efficiency of cross-border regulatory cooperation and facilitate the orderly development of overseas securities issuance and listing activities by Chinese domestic enterprises.

　　"The "Regulations" are necessary guidelines for the next step, and can encourage relevant Chinese enterprises and intermediaries to carry out overseas listing work based on a clear system." Tian Lihui said.

　　"In addition, the "Regulations" will help more domestic enterprises to better plan and promote relevant arrangements for financing in overseas capital markets, and relevant intermediaries can carry out business related to overseas listing of domestic enterprises in a more standardized and orderly manner, providing more domestic enterprises and intermediaries. It will create favorable conditions for its international development." Yang Zhiguo said.

　　After the "Regulations" are released, China Concept Stock companies and intermediaries also need to further improve their internal rules and procedures.

Yang Zhiguo said, "In the future, relevant enterprises and intermediaries need to further sort out and improve the operating procedures and internal control systems related to confidentiality and file management based on the requirements of the new regulations, and implement them in the next step."

　　From the company's point of view, Wang Song believes that after the implementation of the "Regulations", enterprises need to attach great importance to and strengthen data security and information protection, carefully study and implement the requirements of relevant laws and regulations in light of their own work, and tighten data security and information protection. this string.

"Especially companies that have already been listed in overseas capital markets or companies that are planning to list in overseas capital markets should think ahead and prepare for how to implement the main responsibility for information security mentioned in the "Regulations".

　　"From the perspective of an accounting firm, the first is to strengthen data security, and the second is to continuously improve the quality of auditing." Wang Song believes that in terms of data security, the first is to establish a data protection system, and the second is to strictly enforce data security and information protection specific measures.

(Securities Daily)