境内企业境外上市 募集资金应汇回境内

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have issued a notification to facilitate domestic companies in efficiently financing in overseas financial markets, emphasizing that funds raised from overseas listings, as well as proceeds from share reductions or transfers, should generally be repatriated to China [1] Group 1: Fund Management Regulations - The notification clarifies that funds raised from overseas listings and proceeds from share reductions or transfers should primarily be returned to the domestic market [1] - Shareholders who remit funds for increasing their holdings must return any remaining funds or those from unsuccessful transactions to the domestic market in a timely manner [1] - Certain qualified companies are allowed to retain raised funds for use outside of China [1] Group 2: Currency Management Policies - The notification standardizes the management policies for both domestic and foreign currency, allowing funds from overseas listings and share reductions to be repatriated in either foreign currency or Renminbi [1] - Companies participating in H-shares' "full circulation" must distribute dividends to domestic shareholders in Renminbi [1] Group 3: Risk Management and Simplified Procedures - To facilitate the use of raised funds domestically and manage exchange rate risks, the notification allows for the autonomous settlement of repatriated funds in foreign currency, with companies able to choose their own methods for managing exchange rate risks [1] - The notification supports banks in directly handling the registration of domestic companies for overseas listings and relaxes the time limits for issuance, listing, and share reductions [1]