BEIJING, June 11 (Xinhua) -- China Securities Regulatory Commission (CSRC) on June 7 received and accepted tech giant Xiaomi’s application for initial public offerings (IPO) and share listing, marking the first application of the pilot China Depository Receipts (CDRs) program.
The top securities regulator on Wednesday issued rules on a test run of issuance and trading of CDRs.
The rules, which became effective when issued, lay the institutional foundation for innovative firms to issue CDRs in domestic capital market, said the CSRC.
CSRC has also released amended rules on IPO and a package of measures to support innovative firms in their domestic issuance of stocks or CDRs.
The pilot CDR program will allow domestic investors access to tech giants such as Alibaba and Baidu, currently listed in the United States. (Edited by Niu Huizhe, niuhuizhe@xinhua.org)
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