On 17 February 2023, the China Securities Regulatory Commission published new regulations for the filing-based administration of overseas securities offering and listing by companies that are incorporated in the People’s Republic of China and the domestic operating entities of companies whose securities are indirectly offered and listed overseas (collectively referred to as “domestic companies“). The new regulations, which will come into effect on 31 March 2023, establish a filing-based approach instead of the current approval-based approach.
The new regulations are made up of six sets of documents, namely, the “Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (境内企业境外发行证券和上市管理试行办法)” (“Measures“) and five supporting guidelines.
This Update provides a broad overview of several key areas under the Measures that may be of significance to domestic companies seeking to carry out a direct or indirect offering of securities and listing on an overseas securities exchange.
For more information, click here to read the full Legal Update.
