Legislation roundup: Encouraged investment catalogue and the Science and Technology Innovation Board
February 13, 2019 | BY
Susan MokService and manufacturing industries will be relaxed for foreign investment and the Science and Technology Innovation Board allows shares with special voting rights
FDI
National Development and Reform Commission and Ministry of Commerce, Catalogue of Encouraged Foreign Investment in Industry (Draft for Comments)
The Catalogue pushes forward relaxation in the service industry, increases relaxation in agriculture, mining and manufacturing, accelerates the schedule for relaxation in sectors such as telecommunications, education, medicine and culture, and permits wholly-owned operations in more sectors.
Further reading
Capital Markets
China Securities Regulatory Commission, Implementing Opinions on Establishing a Science and Technology Innovation Board on the Shanghai Stock Exchange and Launching a Pilot Registration System
Science and technology innovation enterprises are permitted to offer a class of shares with special voting rights. The number of votes attaching to each special voting rights share shall be greater than the number of votes attaching to each common share, but other shareholder rights shall be identical to those of common shares.
See the digest for more details.
Shanghai Stock Exchange, Rules for Listing Shares on the Science and Technology Innovation Board (Draft for Comments)
An issuer applying to list on the science and technology innovation board of the Shanghai Stock Exchange shall satisfy conditions such as :
(1) having total share capital of not less than Rmb30 million after the offering; and
(2) where the number of shares offered in its initial public offering is equivalent to at least 25% of the total number of shares of the company and the company's total share capital exceeds Rmb400 million, the percentage of the shares offered in the initial public offering shall be at least 10%.
See the digest for more details.
Further reading
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