Strategic Intelligence for CFOs, Finance Directors, Controllers and Treasurers in Asia |
2012, May 18
2012, May 18 China is considering a drastic revision of the rule on reviewing companies' applications to list in Hong Kong to enable faster access for small firms looking to raise funds, reports the South China Morning Post.
Under the present rule, mainland companies cannot seek an offering in Hong Kong unless they receive approval from the China Securities Regulatory Commission. Approved companies must still obtain final clearance from Hong Kong Exchanges and Clearing.
According to the newspaper, listing applicants are also required to file their plans for a Hong Kong offering with the National Development and Reform Commission and the Ministry of Commerce, which co-ordinate the preliminary reviews with the CSRC.
Yao Gang, China Securities Regulatory Commission vice-chairman, says that under the 10-year old rule, the "the threshold was set relatively high and the approval procedure [was] lengthy."
Ray Lu at Hotung Ventures told the Post that a waiver of the preliminary reviews by Beijing should be good news for mainland firms interested in raising funds in Hong Kong.
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