Chinese enterprises have issued GDR (Global depositary receipts) overseas and listed, and a "good voice" has been heard one after another. On the evening of March 16, GuoXuan high tech and Lepu medical announced that in order to broaden international financing channels, they planned to issue GDR overseas and list on the Swiss stock exchange. On the evening of March 15, Sany Heavy Industry also announced its plan to issue GDR and list it on the Swiss stock exchange. Sany Heavy Industry is also the first enterprise planning to issue GDR overseas and list after the revision of the rules of Shanghai Luntong. For two consecutive days, three listed companies successively released plans to issue GDR, which is considered by the industry as a major breakthrough in the interconnection of China EU capital markets. On February 11 this year, the CSRC issued the revised regulations on the supervision of interconnected depositary receipts business of domestic and foreign stock exchanges, one of which is to expand the scope of application and expand overseas to major European markets such as Switzerland and Germany. The industry believes that the overseas issuance of GDR has played an important role in broadening two-way financing channels and serving the stable and healthy development of the real economy. In the future, there will be more measures to promote the opening of the capital market, and steadily promote the high-level opening of China's capital market to the outside world. "After the revision of the Shanghai London Stock connect rules, the scope of application has been widened in both directions. The scope of GDR issued by Chinese enterprises abroad has been expanded from the UK to major European exchanges such as Germany and Switzerland, reducing the risk and uncertainty of a single listing place and expanding the footprint of high-quality Chinese enterprises in overseas listing transactions." Pang Ming, chief economist and chief strategic analyst of Huaxing securities (Hong Kong), said in an interview with Securities Daily. It can also provide convenience for domestic and overseas enterprises to expand the financing level of GDR and make good use of the relevant resources of GDR, which can also meet the needs of domestic and international enterprises to expand the development level of GDR. According to Luo pan, an expert of whale platform think tank, the revised rules of Shanghai Luntong provide a more relaxed condition for enterprises to finance in overseas capital markets. "The fundamental purpose of enterprise listing is to achieve more efficient financing with the help of the capital market, and optimize and feed back its core industries through financing." Luo Pan said that the connection between China's capital market and global capital will unblock the financing channels of domestic enterprises and help enterprises obtain more financing arrangements in their future development. China's capital market has become more open through mechanisms such as the Shanghai London Stock connect. "Shanghai Luntong will accelerate the overseas development process of domestic listed companies, which is very beneficial to the internationalization strategy of enterprises." Dong Dengxin, director of the Institute of Finance and securities of Wuhan University of science and technology, said in an interview with Securities Daily that the overseas issuance of GDR has improved the interconnection between China's capital market and European capital market, indicating the confidence and determination of the two-way opening of China's capital market. It can be predicted that the overseas issuance of GDR will become an important carrier and way for the interconnection of China EU capital markets. Dong Dengxin further said that capital market interconnection not only solves the refinancing problem of listed companies, but also provides international investors with better investment targets to meet the needs of Chinese companies with global capital layout. In addition, through the interconnection function of GDR, it provides Chinese investors with more diversified choices of investment targets. Zhou Xibing, a researcher at the soft power research center of Chinese local enterprises, told the Securities Daily that Chinese enterprises take advantage of the capital market to enter the overseas market, which is not only conducive to the company's global market expansion, but also expected to improve the ability to deal with discriminatory measures such as trade barriers. This time, the three enterprises plan to issue GDR overseas and go public, which shows that the commercial value of China's capital market has radiated to the global market. (Xinhua News Agency)