Photo taken on July 31, 2021 shows the statues on the square of Hong Kong Exchanges and Clearing Limited (HKEX) in south China's Hong Kong. (Xinhua/Wu Xiaochu)
BEIJING, Jan. 18 (Xinhua) -- Apart from those having already obtained filling notices, 91 more companies in Chinese mainland are queuing up for filing of overseas securities offering or listing by January 15, reported Xinhua Finance recently.
Statistics on the website of China Securities Regulatory Commission (CSRC) showed that over 70 percent of them mull securities offering or listing on the stock exchange of Hong Kong and the remaining less than 30 percent of them intend to go public on the Nasdaq market in the United States.
Since the start of 2024, there have explicitly been more domestic firms that submitted filing documents for overseas securities offering or listing and in the first half of January, 14 firms at home have acquired related filing notices from CSRC.
According to a survey by King & Wood Mallesons, most firms in Chinese mainland complete filing for overseas securities offering or listing in a period of 2-4 months and regardless of those applying only for "full circulation" of all shares, it takes at the minimum 39 days for a company at home to finish related filing.
CSRC's recent announcements over corporate passing related filing indicated a faster pace and possibly further shorter filing processes in future, noted Hu Jing, a partner of King & Wood Mallesons.
In March 2023, the provisional administrative measures for overseas securities offering or listing by domestic companies and five sets of supervisory guiding rules entered into force in China, ushering in a new era of regulation and supervision on overseas securities offering or listing of domestic enterprises.
Later on November 27, 2023, a circular jointly issued by eight Chinese regulators including the People's Bank of China, National Administration of Financial Regulation and CSRC, among others, proposed to support eligible private enterprises to go public overseas and better leverage the domestic and overseas markets and resources.
On January 10 this year, a sub-association for overseas listed domestic firms was set up by China Association for Public Companies in a bid to serve the stable operation of overseas listed firms in global financial market.
Fang Xinghai, deputy head of CSRC said on the sub-association establishment ceremony that facilitating domestic companies to go public in overseas market embodied an important international drive of China's capital market.
Creating sound opportunities for global investors to benefit from China's economic development, overseas listed domestic companies shall strictly abide by related regulations and laws, according to Fang, adding that CSRC will continue to advance the high-level opening up together with other parties. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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