State Administration of Foreign Exchange, Circular on Issues Relevant to Foreign Exchange Control in Connection with Overseas Listing

国家外汇管理局国家外汇管理局关于境外上市外汇管理有关问题的通知

March 17, 2015 | BY

clpstaff &clp articles &

Approval requirement of repatriation of offshore listing proceeds lifted.

Clp Reference: 3800/14.12.26 Promulgated: 2014-12-26 Effective: 2014-12-26

Issued: December 26 2014
Effective: as of date of issuance

Main contents: The Circular specifies that examination and approval of the repatriation and conversion of offshore proceeds raised from overseas listing of foreign investment shares is abolished, enterprises listed overseas may carry out foreign exchange conversion directly with banks on the strength of their proof of registration of the matter, and integrates foreign exchange accounts to offer convenience in the transfer of funds.

The Circular also permits companies and shareholders in China to open separate appropriate accounts as required to centrally handle the conversion and transfer of relevant funds. The repatriation, free conversion and transfer of any amount remaining from funds remitted outward by a company in China for a buyback or by a shareholder in China to increase its holding shall also be permitted.

Repealed legislation: Circular on Issues Relevant to Foreign Exchange Control in Connection with Overseas Listing, 2013

clp reference:3800/14.12.26promulgated:2014-12-26effective:2014-12-26

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