In a previous post, we blogged about certain proposed rules issued by China Securities Regulatory Commission (the “CSRC”) on December 24, 2021. The proposed rules consist of general management rules on offshore listings of onshore companies (the “Management Rules”), as well as implementation measures related to the filing of such offshore listings (the “Filing Measures”). Those proposed rules require onshore companies to file certain reports and information with the CSRC and other competent governmental authorities prior to seeking either direct or indirect offshore listings. By including “indirect” offshore listings in the proposed rules, CSRC intends to state that the filing requirements also apply to offshore companies which are controlled by domestic companies or beneficial owners through the “VIE control documents”, also named “red chip companies” by some.
On December 17, 2021, the Stock Exchange of Hong Kong Limited (the Exchange) announced new listing regime for special purpose acquisition companies (SPAC). These new rules will take effect on January 1, 2022. This regulatory update reflects the Exchange’s commitment to remain an attractive, competitive and diversified capital-raising market in the region.
Continue Reading Hong Kong Stock Exchange Announced New Listing Regime for SPAC