China to give overseas listing more help
Print Edition
CHINA will further streamline approval procedure to help mainland firms to list overseas more easily, Xiao Gang, chairman of the country’s securities regulator, said yesterday.
The China Securities Regulatory Commission has cut the number of regulatory items from 13 to seven, including the waiver on company size and profitability, for a mainland firm to get approval to list overseas, Xiao told the Asian Financial Forum in Hong Kong.
“We will continue to support overseas listing of mainland firms, especially those in Hong Kong,” Xiao said.
He added China may also remove the regulatory three-year profit record for companies to list on mainland exchanges.
Xiao made the remarks as China seeks to launch a registration-based initial public offering system where the vetting process will focus on the regulatory compliance of information disclosure by an IPO applicant rather than judging the profitability or investment value of a company.
Xiao also said the securities regulators on the mainland and Hong Kong will work to optimize the Shanghai-Hong Kong Stock Connect as well as consider expanding the program.
Started in November amid great fanfare, the landmark stock link for the first time allows investors on both sides to trade shares on each other’s bourses. But regulatory and technical issues have discouraged investors from tapping the daily investment quota fully.
Xiao added that the next move after the stock link is to allow mutual fund companies on both sides to sell products on each other’s markets.
He also pledged to improve various investment quota schemes to facilitate cross-border investment.
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