日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

New rules pave way for launch of CDRs

By Li Xiang | China Daily | Updated: 2018-05-08 09:17
Share
Share - WeChat
China's securities regulator has issued draft rules on the issuance and trading of China Depositary Receipts (CDRs) for public comments. [Photo/VCG]

Regulator details requirements and qualifications for issuing companies

China's securities regulator has issued draft rules on the issuance and trading of Chinese Depository Receipts, paving the way for the eventual launch of the program that will allow overseas-listed innovative Chinese companies to float shares on the domestic stock market.

The rules, released on Friday by the China Securities Regulatory Commission, set out detailed requirements and qualifications for companies to issue CDRs, an arrangement that will enable overseas-listed companies to transfer part of their holdings to a custodian bank and sell them on a mainland exchange board.

The CDR system will also be adopted under the proposed trading link between the Shanghai and London stock exchanges, which is scheduled to be launched this year, according to the regulator.

To be qualified as CDR issuers, companies must have a well-functioning corporate structure and sound financial conditions and the capacity to remain continuously profitable, according to the rules. There must have been no financial fraud or a major change of the actual controllers of the company in the past three years, and the controlling shareholders must have no record of major rule violations or activities harming investors' interests.

Commercial banks, securities firms and securities depository and clearing firms can be CDR custodians, according to the rules, which are subject to public comment until June 3.

Chinese regulators have accelerated the introduction of the pilot program to allow overseas-listed companies to return to the domestic market. Media reports, citing people close to the CSRC, said that the first CDR issuer will likely be approved by the regulator within a month.

The issuance and trading of CDRs will help boost the revenue of the nation's securities firms, investment bank China International Capital Corp said in a research note.

The regulators announced the CDR program on March 30 to support the domestic listing of innovative companies. The program will cover companies from strategic emerging industries including information technology, artificial intelligence, high-end equipment manufacturing and biotechnology.

The CDR program will apply to overseas-listed Chinese companies with market capitalization of no less than 200 billion yuan ($31.4 billion). For unlisted companies, they must have a revenue income of at least 3 billion yuan for the past year and valuations of no less than 20 billion yuan, according to the regulator.

Analysts expected that some Hong Kong or US-listed tech giants will likely be selected for the CDR program.

"It is noteworthy that the pilot domestic listing program applies to both unlisted companies incorporated in the Chinese mainland and unlisted red-chip enterprises-companies operating in China, but registered overseas. It is the first time that red-chip enterprises have been allowed to go public on a domestic exchange in the Chinese mainland," said Gao Ting, head of China Strategy at UBS Securities.

Gao said that CDRs could be enforced in two possible ways, either by an offering or a listing facility. The former way would allow overseas-listed companies to refinance by issuing new shares to onshore investors while the latter issues no additional shares and acts as an onshore trading derivative, backed by overseas-listed shares.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 久久91综合国产91久久精品 | 国产日韩在线视频 | 看中国国产一级毛片真人视频 | 国产一级精品高清一级毛片 | 91精品成人免费国产 | 天天操天天干天天爽 | 亚洲网站在线观看 | wwwxx免费| 日韩av电影在线播放 | 亚洲人成网站在线播放观看 | 青青草91视频| 99久久久国产精品免费99 | 一区二区三区四区在线观看视频 | 日日碰 | 天天色播 | 欧美精品一区二区三区四区 | 国产成人精品高清免费 | 丁香花在线电影小说观看 | 欧美亚洲第一页 | 国产成人综合网 | 久久久久无码国产精品一区 | 国产精品亚洲va在线观看 | 欧美黄色片一级 | 亚洲欧洲日本在线观看 | 亚洲精品免费在线视频 | 日韩 欧美 国产 师生 制服 | 亚洲人在线视频 | 91视频在线观看 | 免费乱理伦片在线观看八戒 | 9久9久女女热精品视频免费观看 | 色综合久久天天综合绕观看 | 国产老女人精品毛片久久 | 91中文字幕在线观看 | 哪里看毛片 | 日本免费黄色 | 成人免费体验区福利云点播 | 亚洲综合亚洲综合网成人 | 一级做a爰片久久毛片 | 久久久久久网站 | 激情婷婷成人亚洲综合 | 欧美日韩亚洲一区 |