China calls for faster implementation of new overseas listing rules
Updated 19:03, 09-Apr-2022
China Securities Regulatory Commission, Beijing, China. /CFP

China Securities Regulatory Commission, Beijing, China. /CFP

On Saturday, China's securities watchdog, China Securities Regulatory Commission (CSRC), vowed to accelerate the implementation of new overseas listing rules. 

The CSRC announced the draft rules for offshore listings on December 24, 2021, aiming to improve the current regulatory framework and making Chinese companies' overseas listings more sustainable, CSRC Vice Chairman Fang Xinghai told CGTN earlier. 

China will keep the overseas listing channel open and support enterprises leveraging both domestic and foreign markets in compliance with laws and regulations, Yi Huiman, chairman of the CSRC, said in a speech on Saturday. 

Last week, the CSRC announced its intention to revise rules on audit filings of overseas listings, proposing to delete the requirement that on-site inspections should be mainly conducted by Chinese regulators or rely on their inspection results. 

Yi said the CSRC will continue to promote the China-U.S. auditing cooperation, in accordance with the principle of "respecting international practices and abiding by domestic regulations," to build a predictable international supervision environment.

The securities regulator renewed its pledges to further open China's capital market, widening investors' access to the stock market.

The CSRC is studying new measures to expand the list of stocks covered by Shanghai and Shenzhen Stock Connect, Yi said, adding that the regulator will strengthen the pragmatic cooperation between the mainland and Hong Kong and help maintain Hong Kong's status as an international financial center. 

The number of private listed companies has exceeded 3,000, accounting for about two-thirds. Private enterprises have accounted for more than 80 percent of newly listed companies in recent years, according to Yi. 

Yi vowed to be committed to creating a more fair environment for enterprises of different ownership, and better support the development of private enterprises through a variety of tools including stocks, bonds, funds, real estate investment trusts, and futures options. 

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