China launches landmark preference share pilot programme

On 30 November 2013, the State Council of China issued the Guiding Opinions on the Pilot Launch of Preference Shares, allowing listed companies and unlisted public companies to issue preference shares in both public and private markets in China on a trial basis.

Following the issuance of the guiding opinions, on 13 December 2013 the China Regulatory Securities Commission issued the draft Administrative Measures of the Preference Shares Pilot Program (the ‘Draft Administrative Measures’) seeking comments from the public.

Shortly thereafter, on 10 January 2014, the China Securities Depositary and Clearing Corporation (CSDCC) issued the draft Implementing Rules of the Depositary and Clearing Matters regarding Preference Shares (the ‘Draft Implementing Rules’) seeking comments from the public in order to implement and facilitate the registration and deposit of preference shares with the CSDCC. The Draft Administrative Measures and the Draft Implementing Rules were issued pursuant to the guiding opinions and their respective definitive versions have not been issued to date…

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