央行、国家外汇局：境外上市募集资金以外币调回的可自主结汇使用

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have issued a draft notice regarding the management of funds for domestic enterprises listed overseas, aiming to standardize foreign currency management policies and enhance the convenience of cross-border financing for domestic enterprises [1]. Group 1: Fund Management for Overseas Listings - Domestic enterprises listed overseas can repatriate funds raised in foreign currency or RMB, using capital project settlement accounts for transactions [1][4]. - The notice outlines that domestic enterprises must register their overseas listings with the local branch of the People's Bank of China within 30 working days after the issuance or completion of oversubscription [2]. - Changes in the overseas listing, such as name or address changes, must also be registered within 30 working days after the change occurs [3]. Group 2: Fund Repatriation and Usage - Funds raised from overseas listings should generally be repatriated promptly, with specific provisions for retaining funds for overseas investments subject to prior approval [4]. - The notice specifies that funds in RMB can be returned to either capital project settlement accounts or domestic RMB bank settlement accounts [4]. - The use of funds must align with the publicly disclosed documents related to the fundraising [4]. Group 3: Shareholder Transactions - Domestic shareholders must register any reduction in their overseas listed shares within 30 working days after the transaction [5]. - Shareholders wishing to increase their holdings must apply for registration 20 working days prior to the intended increase [11]. - The notice mandates that funds from share transactions should be repatriated promptly, either in RMB or foreign currency [13]. Group 4: Compliance and Regulatory Oversight - The People's Bank of China and the State Administration of Foreign Exchange will supervise and manage the registration, account opening, and fund exchange related to overseas listings [2][12]. - Financial institutions are required to ensure compliance with the notice, including maintaining records for anti-money laundering and anti-terrorism financing purposes [12]. - Violations of the notice may result in corrective measures and administrative penalties [13].