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June 12, 2018

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Pilot CDR scheme to be promoted

Source: Xinhua | 00:01 UTC+8 June 12, 2018 | Print Edition

CHINA will actively advance the pilot China Depositary Receipts program steadily to build an inclusive and competitive capital market, according to country’s securities watchdog.

“China will adhere to international, legal, and market-based principles to actively and steadily advance the testing of issuance and trading of CDRs,” said Li Chao, deputy head of China Securities Regulatory Commission, at a forum last Friday.

Beijing-based smartphone maker Xiaomi submitted China’s first application to issue a CDR last Thursday, the CSRC said. Xiaomi will dual-list in the domestic market and Hong Kong, according to the prospectus.

The CSRC issued rules on a pilot program for the issuance and trading of CDRs last Wednesday, paving the way for innovative firms to issue CDRs in the domestic capital market, it said.

Li said the CSRC will control the number of enterprises and funding amount for the pilot CDRs program, strictly review the quality of enterprises, and supervise the process of CDR issuance.

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