央行、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 notification to facilitate domestic enterprises in raising funds efficiently in overseas financial markets, aligning with the spirit of the 20th National Congress of the Communist Party of China [1] Summary by Sections Unified Foreign Currency Fund Management Policy - The notification clarifies that funds raised from overseas listings, as well as proceeds from share reductions or transfers, can be repatriated in either foreign currency or RMB. Dividends for H-share "full circulation" listed entities must be distributed in RMB to domestic shareholders [2] Convenience for Enterprises in Domestic Fund Usage and Exchange Rate Risk Management - It is specified that funds raised from overseas listings can be autonomously converted for use in the domestic market. Listed entities can independently choose methods for managing exchange rate risks [2] Simplified Management Procedures - The notification supports banks in directly handling the registration of domestic enterprises for overseas listings and relaxes the time limits for registration related to issuance, additional issuance, and share reductions [2] Further Regulation of Fund Management - It is emphasized that funds raised from overseas listings and proceeds from share reductions or transfers should generally be repatriated to the domestic market. Any surplus funds from shareholders' contributions for additional purchases should be promptly returned to the domestic market. Certain qualified enterprises are allowed to retain raised funds for use outside of China [2] Future Directions - The People's Bank of China and the State Administration of Foreign Exchange will continue to enhance financial support for the real economy, optimize cross-border fund management policies, and improve the convenience of cross-border investment and financing to support high-quality economic development [2]