China’s new offshore listing rules for domestic companies have left bankers and lawyers who work on listings unsure how to take on liabilities and how to avoid breaching tightened confidentially rules, Asia’s largest financial lobby group said on Tuesday.
Asifma voiced those concerns to the China Securities regulatory Commission at a recent meeting, Chao said, adding the watchdog recognizes the challenges arising from the new listing regime and has promised efforts to offer a solution.
The CSRC in a parallel confidentiality rule issued at the end of February also demanded that “working papers” – documents produced onshore by banks and other service providers during the listing process – be retained onshore, as Beijing stepped up oversight of all types of cross-border data transfers.
Chao said that the concept of such papers is vaguely defined, and also gave rise to disputes among investment banks and law firms over which side was primarily responsible for storing the documents. He added that keeping the information entirely onshore would be in conflict with requirements by offshore authorities such as those in New York and Hong Kong, the top two listing venues for Chinese companies looking to raise capital via equity offerings.
“It’s not good for China. It’s not good for Chinese companies who need to seek capital from the world,” Chao said.Your subscription has been successful.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cathay Pacific flight incident injures 11 in Hong KongEleven people were injured on Cathay Pacific’s flight CX880 at Hong Kong’s international airport early on Saturday after the carrier aborted takeoff due to a technical issue, Cathay said in a statement. | Reuters
Read more »
AI can help firms in SE Asia hit sustainability goals—IBM | VG CabuagArtificial intelligence (AI) can help companies in countries belonging to the Association of Southeast Asian Nations (Asean), including the Philippines, crunch data that will enable them to meet their sustainability goals, according to IBM Asia Pacific. IBM said the ESG (short for environment, social and governance) goals of companies in…
Read more »
Blu Boys score twin wins in Men’s Softball Asia CupThe Philippine Blu Boys made their title campaign felt at the 2023 Men’s Softball Asia Cup after scoring twin victories in Kochi, Japan on Sunday, June 25. | ManilaBulletin
Read more »
Smart brings fans closer to Chris Hemsworth for 'Extraction 2' premiereLucky Smart Postpaid subscribers saw Chris Hemsworth in the flesh at the Asia Pacific premiere of Netflix’s “Extraction 2” at SM Mall of Asia last June 5. BrandRap
Read more »