New CSRC guidance for overseas listing by Chinese companies

The China Securities Regulatory Commission (CSRC) released its Regulatory Guidance on Application Documents and Examination Procedures of Issuing Shares Abroad and Overseas Listing by Company Limited by Shares (Guidance) on 20 December 2012, which will take effect as of 1 January 2013. This Guidance indicates a substantial step forward to liberalize the various controls previously imposed by the Chinese government on overseas IPOs attempts by small and medium sized Chinese companies — particularly those in the private sector.

With regard to deregulation in an overseas IPO case as brought by the Guidance, some highlights include:

  • abolition of cumbersome financial preconditions,
  • reduced CSRC approval procedures,
  • simplified application documents.

The above creates a much easier regulatory environment for small and medium sized Chinese companies to float their business on overseas capital markets. From both a legal and a business point of view, it will have an impact on the recently very hot topic of the so-called “VIE structure” adopted by Chinese companies to achieve their overseas IPO plan…

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