China Securities Regulatory Commission: Continuously unblocking overseas listing channels for mainland enterprises and launching more representative "green light" cases
2023-08-24
According to the China Securities Regulatory Commission, Li Chao, Vice Chairman of the China Securities Regulatory Commission, stated at the H-share 30th anniversary celebration on the 23rd that Hong Kong will play a role as an international platform to support Chinese enterprise financing, promote the formation of a more transparent, efficient, and smooth overseas listing supervision and coordination mechanism, continue to smooth the overseas listing channels of mainland enterprises, and launch more representative "green light" cases. Li Chao believes that the listing of Chinese enterprises in Hong Kong coincides with the early establishment of a socialist market economy in the mainland. It provides very useful references for the construction of the mainland's capital market in various aspects such as securities legal system, financial accounting system, and corporate governance, providing a crucial driving force for enterprises to globally allocate resources, and also creating good opportunities for global investors to share the dividends of China's economic development. As of the end of July 2023, there have been over 1400 Chinese companies listed in Hong Kong, and the number, market value, and trading volume of listed companies in the Hong Kong market have exceeded 50%, 70%, and 80%, respectively. Hong Kong has become the preferred overseas listing location for Chinese companies, and Chinese companies have also become the backbone of the Hong Kong market. Hong Kong gathers global capital, technology, information, and wisdom. Mainland financial institutions have moved from Hong Kong to the world, and product openness has taken the lead from Hong Kong. As of the end of July 2023, nearly 80 securities and futures fund management institutions in mainland China have established subsidiaries in Hong Kong. With the interconnection of ETFs, cross-border wealth management links, and the launch of Hong Kong A50 stock index futures, QFII/RQFII has been implemented and improved, and Hong Kong has gradually become a place for the integration of Chinese and Western capital, "said Li Chao, For many years, the two securities regulatory commissions have maintained a close and smooth cooperative relationship, with a solid foundation for cross-border supervision and law enforcement cooperation. Especially after the opening of the Shanghai Shenzhen Hong Kong Stock Connect, regulatory agencies in mainland China and Hong Kong have established a comprehensive communication and liaison mechanism between senior and working levels, which has become more mature and effective in operation. So far, the two securities regulatory commissions have successfully held thirteen high-level meetings, promoting a series of cooperation results in the capital markets of the two regions, and continuously expanding the depth and breadth of regulatory cooperation. To assist in the high-quality development of China's economy, the China Securities Regulatory Commission is steadfastly deepening the reform and opening up of the capital market, promoting the deepening and implementation of the reform of the stock issuance registration system, and accelerating the construction of a standardized, transparent, open, dynamic, and resilient capital market. Hong Kong has a sound legal system, an efficient and open business environment, and a unique advantage of "relying on the mainland and facing the world". Hong Kong has a pool of financial talents and is determined to make progress. With the continuous deepening of China's reform and opening up and the deepening of the dual circulation new development pattern, the synergistic development and complementary advantages of the two capital markets are more evident. Hong Kong will further play an unparalleled role in the overall development of the country. Li Chao stated that in the new era and journey, the China Securities Regulatory Commission will continuously promote the deepening of practical cooperation between the two capital markets, play the role of Hong Kong as an international platform to support Chinese enterprise financing, and promote the formation of a more transparent, efficient, and smooth overseas listing regulatory coordination mechanism; Optimize and improve the interconnection mechanism, promote the introduction of bulk trading mechanisms, REITs and other products into the target market, and further facilitate the entry of overseas medium and long-term funds into the market; Increase the two-way opening of products in both regions, support Hong Kong to launch treasury bond bonds, futures and other products, enrich offshore market risk management tools, consolidate and improve
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：people.cn
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