央行、外汇管理局：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 to facilitate domestic enterprises in efficiently financing in overseas financial markets, effective from April 1, 2026 [1] Group 1: Fund Management Regulations - Domestic enterprises raising funds through overseas listings are required to repatriate the funds to China in principle [1] - Funds raised for overseas direct investment, securities investment, or lending must receive approval or filing from relevant authorities before the end of the overseas issuance or completion of any over-allotment [1] - The notification standardizes the management of raised funds, stating that proceeds from share reductions or transfers should generally be returned to China [1] Group 2: Currency Management Policies - The notification unifies the management policies for domestic and foreign currency, allowing proceeds from overseas listings and share reductions 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: Simplification of Procedures - The notification supports banks in directly handling the registration of domestic enterprises for overseas listings, simplifying management procedures [2] - It also relaxes the time limits for registration related to issuance, additional issuance, and share reductions [2]