China regulator says government policies not necessarily linked to overseas IPOs

China regulator says government policies not necessarily linked to overseas IPOs

2021-12-05 11:40:00 PM

China regulator says government policies not necessarily linked to overseas IPOs

China has implemented a regulatory crackdown on internet companies, for-profit education and real estate developers

Agency StaffA screen displays trading information for ride-hailing giant Didi Global on the floor of the New York Stock Exchange in New York City, the US. Picture: BRENDAN MCDERMID/REUTERSChina’s securities regulator said on Sunday that the government’s recent policy moves were not aimed at specific industries or private firms, and were not necessarily linked to companies seeking to list in overseas markets.

Such Unluckly Moment Has Never Been Seen! The Scariest Sports Accidents

China has implemented a sweeping regulatory crackdown in recent months on internet companies, for-profit education and real estate developers, among other areas.“The main purpose of [those moves] is to regulate monopoly, to protect the interests and data security of small and medium-sized firms, as well as personal information security,” the China Securities Regulatory Commission (CSRC) said in a statement.

The cyberspace regulator had proposed companies with more than 1-million users in China undergo a security review before sending user-related data abroad or listing shares overseas.Chinese ride-hailing giant Didi Global said on Friday it planned to delist from the New York Stock Exchange, just five months after its debut, and pursue a Hong Kong listing. headtopics.com

The securities regulatory commission said it had taken note of new rules rolled out by the US Securities and Exchange Commission (SEC) asking Chinese companies to detail their ownership structure and audits.Some media reports stating that China is likely to ban companies with a VIE (variable interest entity) structure from US listing is a case of “total misunderstanding and [is] misreading”, the CSRC said.

Controversial Africa Cup of Nations referee Janny Sikazwe back in action

The VIE structure, used widely by tech firms, was created two decades ago to circumvent rules restricting foreign investment in sensitive industries such as media and telecom.The CSRC policies are not meant to crack down on specific industry or private firms and “have no necessary connections with companies’ overseas listings”, the commission said.

It said the commission had learnt some Chinese companies are actively communicating with domestic and foreign regulators to go public in the US. The CSRC will respect firms’ choice of listing venues on the basis of compliance, it said.The securities commission said it has held candid, constructive communications with the SEC and Public Company Accounting Oversight Board, and has achieved positive progress in promoting co-operations on some key issues.

It noted, however, that some forces in the US have “politicised” capital market supervision and threatened Chinese companies to delist from the country in recent years, which goes against principles of a market economy and hurts global investors, according to the statement. headtopics.com

AfriForum heads to court to challenge decision not to publicise Matric results

The CSRC said it will continue to communicate with its US counterpart to resolve remaining issues in audit and regulatory areas as soon as possible.

Read more: Business Day »

U.S. supports WTA for call to suspend tournaments in China over Peng concernsThe United States has said it 'applauds' the Women's Tennis Association (WTA) for its decision to suspend tournaments in China over the treatment of former doubles world number one Peng Shuai.

U.S. supports WTA for call to suspend tournaments in China over Peng concernsThe United States has said it 'applauds' the Women's Tennis Association (WTA) for its decision to suspend tournaments in China over the treatment of former doubles world number one Peng Shuai.

JOHN STEENHUISEN: DA mayors in all SA’s metros are more than ready for the challengeThe DA will not stop working to turn unstable minority governments into stable majority coalitions

MTN Uganda IPO undersubscribed, raises $150.2mMTN is seeking a $1.4bn valuation in Uganda’s biggest IPO

Deputy health minister says the unvaccinated should not be allowed to expose vaccinated groups to Covid-19Dhlomo said while individuals can choose not to get vaccinated, they may not be allowed to expose a majority of vaccinated people to Covid-19. Dark What fuckery is this? 🚮🚮🚮 how am I even a treat if I don't have COVID19 yet unvaccinated ? Another question is what is the point of vaccinating then? They don’t get it !