央行、外汇局就境内企业境外上市资金管理有关问题的通知公开征求意见

Core Points - The People's Bank of China and the State Administration of Foreign Exchange have drafted a notice to improve and unify the management of cross-border funds for domestic enterprises listed abroad, aiming to enhance the convenience of cross-border financing for these enterprises [1][2] - The notice allows for the return of funds raised from overseas listings in either foreign currency or RMB, with provisions for using capital project settlement accounts for fund transfers [1] - Companies participating in H-shares "full circulation" can distribute dividends to domestic shareholders in RMB, making the management of raised funds and foreign exchange risks more flexible [1] Group 1 - The management procedures for domestic enterprises listing abroad have been simplified, allowing banks to handle registration instead of the foreign exchange bureau [2] - The registration time limit for issuing listings and additional share issuance has been extended from 15 to 30 working days [2] - The time limit for reducing share registration has been adjusted from 20 working days before the intended reduction to 30 working days after the reduction [2] Group 2 - The management of raised funds has been further standardized, with a principle that funds from overseas listings should generally be returned to the domestic market [2] - Companies are allowed to retain funds for reasonable overseas investments if they have obtained prior approvals or filings from relevant authorities before listing abroad [2] - Clear management requirements have been established for overseas issuance of convertible bonds and the conversion of these bonds into stocks [2]