The China Securities Regulatory Commission (CSRC) has proposed over Christmas rules for Chinese firms who want to apply for an IPO at overseas stock markets. But those new rules lack much-needed clarity, says financial expert Winston Wenyan Ma at CNBC. “Domestic companies need to comply with relevant provisions in the areas of foreign investment, cybersecurity and data security, a draft said, without much elaboration,” writes CNBC.
CNBC:
The CSRC’s proposed rules said an overseas listing could be stopped if authorities deemed it a threat to national security. Domestic companies need to comply with relevant provisions in the areas of foreign investment, cybersecurity and data security, a draft said, without much elaboration.
“The details of rule enforcement still need further observation, especially the supervisory scope of other related ministry regulators, in addition to the CSRC,” said Winston Ma, adjunct professor of law at New York University and co-author of the book “The Hunt for Unicorns: How Sovereign Funds Are Reshaping Investment in the Digital Economy.”
Companies in China are subject to the oversight of several ministries, ranging from industry-specific ones to ones focused on particular aspects of operations such as foreign exchange.
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