Chinese companies are finding it challenging to get timely regulatory approvals for overseas share offerings as scrutiny of their proposals has intensified under new listing rules, frustrating potential issuers and investment bankers. | Reuters
The Chinese securities regulator has accepted offshore listing filings from 14 companies as of June 15, and is awaiting additional documents from 38 other firms for their filings to be accepted, public disclosures showed.Only two firms – self-driving technology firm iMotion Automotive Technology and food company Shiyue Daotian Group, have successfully completed their listing filings with the securities regulator to float shares in Hong Kong, showed the disclosures.
Submitting additional materials can be time-consuming and thus delay the listing process, said bankers and lawyers. A banker said the approval process has become a “blackbox”, as the CSRC also needs comments from other industry supervisory bodies before making a decision, and in most cases it’s not clear which part of the process the application gets stuck in.
On Tuesday, Asia’s largest financial lobby group told Reuters the new rules have left bankers and lawyers who work on listings unsure how to take on liabilities and avoid breaching tightened confidentiality rules.Subscribe to our daily newsletter
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