China's Securities Watchdog Unveils Draft of New Overseas Listing Rules

© REUTERS / Kim Kyung-HoonA Chinese national flag flies at the headquarters of the People's Bank of China, the country's central bank, in Beijing, China, January 19, 2016
A Chinese national flag flies at the headquarters of the People's Bank of China, the country's central bank, in Beijing, China, January 19, 2016 - Sputnik International, 1920, 25.12.2021
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MOSCOW (Sputnik) - The China Securities Regulatory Commission (CSRC) has presented a draft of new rules for domestic companies to raise funds overseas, allowing them to do so after registering with the regulator.
"Domestic companies that seek to offer and list securities in overseas markets shall fulfil the filing procedure with the securities regulatory agency under the State Council and report relevant information. Specific measures regarding the filing procedure shall be prescribed by the securities regulatory agency under the State Council," the draft provisions, published on Friday, read.
The Chinese authorities published the draft regulation online in order to collect public opinion until 23 January, according to South China Morning Post.
"The new rules aim to promote better compliance and development. We welcome valuable public comments for our further improvement of these two drafts. The rules will be implemented timely after the completion of consultation and due legislative procedures," the CSRC said in a statement.
In early July, China's cyberspace regulator reportedly opened a probe into local ride-hailing company DiDi in the wake of it launching an initial public offering in New York. In December, the company announced it would delist from the New York Stock Exchange.
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