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 issued a notification on December 26 to facilitate domestic enterprises in efficiently financing in overseas financial markets, mandating 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 must promptly repatriate any remaining funds or uncompleted transactions from outbound investments [1] - Certain qualified enterprises 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 proceeds to be repatriated in either foreign currency or RMB [1] - Companies participating in H-shares "full circulation" must distribute dividends to domestic shareholders in RMB [1] Group 3: Risk Management and Simplification - To facilitate the use of raised funds domestically and manage exchange rate risks, the notification allows for self-conversion of foreign currency raised from overseas listings [1] - Listed entities in China can independently choose methods for managing exchange rate risks [1] - The notification supports banks in directly handling the registration of domestic enterprises for overseas listings and relaxes the time limits for issuance, listing, and share reduction registrations [1]