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| Hong Kong To Relax Listing Rules For Chinese Firms |
by Mary Swire, Tax-News.com, Hong Kong
Thursday, January 19, 2012
At the Asian Financial Forum, held in Hong Kong, the vice-chairman of the China
Securities Regulatory Commission (CSRC), Yao Gang, has indicated that overseas
listing rules will be relaxed this year.
Until now, the corporate listing of Chinese corporates in Hong Kong has largely
been restricted to large state-owned firms, such as banks and energy companies.
It has been considered that the situation would not change, and Hong Kong would
lose out on initial public offering business to Shanghai and Shenzhen, unless
the listing standards for H-shares (the shares of companies incorporated in mainland China that are traded on the Hong Kong Stock Exchange) were lowered and the approval process improved.
The prospective move by the CSRC therefore appears to be aimed at encouraging
China’s small and medium-sized enterprises (SMEs) and private companies,
who currently require a further means of raising finance as domestic credit
conditions remain tight, to list on overseas stock exchanges, particularly in
Hong Kong.
While Yao gave no details during his remarks, it is likely that the CSRC will
take heed of the need to reduce thresholds and simplify procedures. He, himself,
made the point that the H-share listing rules had not been changed for more
than a decade.
In addition, Yao confirmed that the CSRC would definitely encourage more Chinese
companies to introduce RMB-denominated IPOs in Hong Kong in 2012, while he also
suggested that the RMB20bn investment cap on the Renminbi Qualified Foreign
Institutional Investor pilot programme, in which the Hong Kong subsidiaries
of qualified Chinese fund managers and securities companies are allowed to channel
RMB raised in Hong Kong to invest directly in the China bond and equity markets,
would also be increased in due course.
All of these measures, and Yao’s comments, are being seen as confirmation
of the strategic significance of Hong Kong as a testing ground for financial
reforms in China, and milestones in the process of transforming RMB into an
internationally-accepted and widely used currency.
A comprehensive report in our Intelligence Report series
giving a country-by-country analysis of offshore investment funds, stock exchanges
and trusts, with an analysis of the US QI regime, is available in the Lowtax
Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report9.asp
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