China Spells Out Rules for Overseas IPOs of Domestic Companies, VIEs| Dezan Shira & Associates

On December 24, 2021, China Securities Regulatory Commission (CSRC), the country’s top securities regulator, released two draft rules for domestic companies eyeing overseas listings, open for public consultation until January 23, 2022:

• The Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies (Exposure Draft) (hereafter “Provisions”); and
• The Administrative Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies (Exposure Draft) (hereafter “Administrative Measures”).

Shortly after that, on December 27, 2021, the National Development and Reform Commission (NDRC) and the Ministry of Commerce (MOFCOM) rolled out the updated Special Administrative Measures for Foreign Investment Access (2021 Edition) (hereafter the “FI Negative Lists”), which added a provision regarding overseas listings of Chinese companies engaged in businesses restricted from receiving foreign investment.

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