央行、外汇局就《关于境内企业境外上市资金管理有关问题的通知（征求意见稿）》公开征求意见

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have issued a draft notification to support domestic enterprises in overseas direct listings, aiming to optimize cross-border capital management and enhance financing efficiency in international financial markets [1][2]. Group 1: Policy Changes - The notification unifies the management policies for domestic enterprises' overseas listings, allowing funds raised from overseas listings to be repatriated in either foreign currency or RMB, and enabling the use of capital project settlement accounts for fund transfers [1][2]. - Companies can now autonomously manage foreign exchange risks and choose their methods for foreign exchange management, including spot foreign exchange trading and hedging transactions through banks or brokers [2][3]. Group 2: Simplification of Procedures - The notification simplifies the management procedures by allowing banks to directly handle the registration of overseas listings, rather than requiring registration with the foreign exchange bureau [2][3]. - The time limits for registration have been extended, with the issuance and increase registration period extended from 15 to 30 working days, and the reduction registration period adjusted from 20 working days before the intended reduction to 30 working days after [2][3]. Group 3: Fund Management Regulations - Funds raised from overseas listings, as well as proceeds from share reductions or transfers, are generally required to be repatriated to China, with specific provisions for remaining funds if transactions do not occur [3]. - The notification clarifies that if a company has obtained necessary approvals for overseas direct investments or loans before listing, it may retain the funds abroad for those purposes [3]. Group 4: Listing Types and Regulatory Framework - Domestic enterprises can pursue two main types of overseas listings: direct and indirect listings, with the China Securities Regulatory Commission overseeing the issuance activities [4].