China Securities Regulatory Commission, Guidelines for the Regulation of the Submission Documents and Review Procedures for Overseas Share Issuance and Listing by Companies Limited by Shares

中国证券监督管理委员会关于股份有限公司境外发行股票和上市申报文件及审核程序的监管指引

January 10, 2013 | BY

CLP Temp &

CSRC relaxes restrictions on listing of H-shares.

Clp Reference: 3710/12.12.20 Promulgated: 2012-12-20 Effective: 2013-01-01

Promulgated: December 20 2012
Effective: January 1 2013


Main contents: The China Securities Regulatory Commission (CSRC) shall further relax the criteria for overseas share issuance and listing by domestic enterprises to better accommodate the financing needs of domestic enterprises, and to support the development of the real economy. Companies limited by shares may, of their own accord, apply to the CSRC for overseas share issuance and listing provided that they fulfil the criteria for listing at the proposed overseas listing location.


The Guidelines remove the requirements for overseas listing by domestic enterprises as specified in the Circular on Issues Relevant to the Application for Overseas Listing by Enterprises issued by the CSRC in 1999, namely, having net assets of at least Rmb400 million, expected proceeds of at least US$50 million and an after-tax profit of at least Rmb60 million.


Related legislation: PRC Securities Law (Amended), Oct 27 2005, CLP 2006 No.1 p.31; and Special Provisions on the Overseas Offering and Listing of Shares by Companies Limited by Shares, Aug 4 1994


Repealed legislation: Circular on Issues Relevant to the Application for Overseas Listing by Enterprises, July 14 1999

clp reference:3710/12.12.20 promulgated:2012-12-20 effective:2013-01-01

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