New Rules on Equity Offerings: Lifting the Ban on China's Share Sales

July 02, 2006 | BY

clpstaff &clp articles

New restrictions are in place on share offering, price floor and private placements in particular for foreign strategic investors. A new three-stage application process is introduced.

By Jean-Marc Deschandol and Charles Desmeules, Norton Rose, Beijing

On April 26 2006, the China Securities Regulatory Commission (CSRC) promulgated the Measures for the Administration of Securities Offerings by Listed Companies (Measures), which became effective on May 8 2006. Generally, the Measures are a step forward in clarifying and modernizing the People's Republic of China's (PRC) regulations governing the public and private offerings of debt and equity securities by listed companies.1

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