China’s securities regulator said domestic companies seeking to sell shares abroad would have to follow domestic rules and file for local registration, in a draft framework meant to clarify proceedings in a market rocked by the state’s crackdown on overseas listings. International banks that act as sponsors or lead underwriters of Chinese companies’ overseas listings are also required to register with the CSRC. It added that it has always supported Chinese companies choosing listing destinations of their own. In the U.S., securities regulators have started a countdown that will force many Chinese companies to leave American stock exchanges. The regulator reiterated that it would keep collaborating with overseas peers on cross-border securities regulations, including strengthening information-sharing and audit-inspections cooperation.

Source: Wall Street Journal December 24, 2021 20:42 UTC