First batch of Chinese firms complete filings for overseas listings through new administration mechanism

2023-06-09 09:25:32 · Global Times

The first batch of Chinese enterprises seeking overseas listings through the new filing-based administration issued by the China Securities Regulatory Commission (CSRC) completed their filings, China Media Group reported on Thursday.

The report noted that the CSRC recently confirmed the filings for two domestic enterprises with all the required information after the implementation of the new regulations, which came into effect on March 31.

As of June 1, a total of 43 enterprises have submitted filing materials, with many of them from sectors including autonomous driving and biomedicine, per the report.

Both direct and indirect overseas offerings and listing activities are bound by the filling-based administration, with the circumstances for applicants being clearly defined. The rules also provide clarity on the filing process by specifying the timing and procedures.

The new rules strengthen regulatory synergy by establishing the regulatory coordination mechanism, improving cross-border regulatory cooperation arrangements and creating a filing information sharing mechanism, according to the CSRC.

The new mechanism outlines China's bottom line for domestic enterprises seeking listings overseas regarding potential harm to domestic information security or national security, and it further reflects China's continuous efforts in promoting high-quality opening-up with more accurate policy implementation, Dong Dengxin, director of the Finance and Securities Institute of Wuhan University of Science and Technology, told the Global Times on Thursday.

Dong noted that the new mechanism will further elevate the efficiency for Chinese enterprises seeking overseas listings while simplifying the procedure and making the procedure more affordable and viable for Chinese firms.

In addition to promoting high-quality opening-up, China has also been stepping up efforts in attracting and utilizing foreign capital.

The nation will further expand market access by further removing or relaxing restrictions on foreign investment, and it will fully promote investment opportunities and the vast potential of the Chinese market, while improving services for foreign businesses, Zhou Qiang, an official from the Ministry of Commerce, said on Monday.