Group 1 - The core viewpoint of the news is the release of a draft notification by the People's Bank of China and the State Administration of Foreign Exchange to optimize and unify the management of cross-border funds for domestic enterprises listed overseas [1][2] - The notification consists of 26 articles aimed at standardizing foreign currency management policies and regulating the management of raised funds [1] - It proposes that funds raised from overseas listings, as well as proceeds from share reductions or transfers, can be repatriated in either foreign currency or RMB, with relevant funds allowed to use capital account settlement accounts for inflows and outflows [1] Group 2 - The notification aims to simplify the procedures for domestic enterprises listing overseas and relax registration time limits [2] - It suggests that the handling of registration related to overseas listings will shift from the foreign exchange bureau to banks, and extends the registration time limit for issuance and additional share listings from 15 to 30 working days [2] - The notification also clarifies that funds raised from overseas listings and proceeds from share reductions or transfers should generally be repatriated to the domestic market, while allowing for reasonable overseas business needs if prior approvals are obtained [2]

Core Viewpoint - The article discusses recent developments in China's fiscal policy and financial support for technology and small enterprises, highlighting the government's efforts to stimulate economic growth and innovation through various measures [1][4][10]. Group 1: Fiscal Revenue and Expenditure - In the first four months of the year, China's general public budget revenue reached 80,616 billion yuan, a year-on-year decrease of 0.4%, with the decline narrowing by 0.7 percentage points compared to the first quarter [13]. - Central government revenue fell by 3.8% year-on-year, but the decline was reduced by 1.9 percentage points from the first quarter, with April showing a positive growth of 1.6% [15]. - Local government revenue increased by 2.2% year-on-year, maintaining the same growth rate as the first quarter [15]. - National tax revenue totaled 65,556 billion yuan, down 2.1% year-on-year, with a narrowing decline of 1.4 percentage points from the first quarter [15]. Group 2: Support for Technology and Small Enterprises - Eight departments jointly issued measures to support financing for small and micro enterprises, focusing on increasing financing supply, reducing costs, and improving efficiency [10]. - The policy aims to alleviate financing difficulties for small businesses, enhance profitability, and stabilize economic growth [10]. - The government is working to build a more comprehensive technology finance system to guide financial resources towards technological innovation, thereby supporting high-level self-reliance in technology [9]. Group 3: Green Development in Manufacturing - The State Council approved the "Green and Low-Carbon Development Action Plan for Manufacturing (2025-2027)", emphasizing the need for green technology innovation and the promotion of advanced green technologies [12]. - The plan aims to facilitate the deep green transformation of traditional industries and promote high-starting green development in emerging industries [12]. - This transition is expected to create a market for energy-saving renovations worth hundreds of billions, driving technological upgrades in enterprises [12]. Group 4: Cross-Border Financing for Enterprises - The People's Bank of China and the State Administration of Foreign Exchange released a draft notice to optimize cross-border fund management for domestic enterprises listed overseas, aiming to enhance financing convenience [13]. - The notice includes 26 articles focused on improving the efficiency of cross-border financing and enhancing the flexibility of fund usage [13].

支持境内企业在国际金融市场高效融资，两部门统一本外币资金政策！ 央行5月23日发布的消息显示，央行、国家外汇局日前起草了《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）》（以下简称《通知》），以完善并统一境内企业境外直接上市相关跨境资金 管理，提升境内企业跨境融资便利化水平。 来源：上海证券报 当前，我国境内企业赴境外上市存在人民币和外币跨境管理政策不统一等问题。 "中国证监会对境内企业赴境外上市以及H股'全流通'的管理由审批制变为备案制后，有必要同步更新汇 兑环节的资金管理政策。同时，《国家外汇管理局关于境外上市外汇管理有关问题的通知》实施已逾10 年。经营主体反映，在登记时间要求、账户使用、资金汇兑等方面有待进一步提升便利化。"央行有关 司局负责人表示。 回应市场诉求，结合前期银行办理境外上市登记业务试点情况，央行、国家外汇局共同起草了《通 知》。 《通知》共二十六条。主要内容包括四个方面：统一本外币管理政策；企业募集资金境内使用和外汇风 险管理更为灵活便利；简化管理程序，放宽登记时限要求；进一步规范募集资金管理。 其中，在统一本外币管理政策方面，《通知》提出，境外上市募集资金、减持或转让股份 ...

Core Viewpoint - The recent draft notification by the People's Bank of China and the State Administration of Foreign Exchange aims to streamline the process for domestic companies to raise funds through overseas listings, enhancing the flexibility and efficiency of cross-border financing [1][3]. Group 1: Policy Objectives - The notification seeks to unify the management of domestic and foreign currency, addressing inconsistencies in cross-border management policies for companies going public abroad [3]. - It aims to provide more flexibility in the use of funds raised overseas and improve foreign exchange risk management for companies [4]. - The management procedures for overseas listings will be simplified, with extended registration timelines and reduced bureaucratic hurdles [4]. Group 2: Key Provisions - Companies can now repatriate funds raised from overseas listings in either foreign currency or RMB, using capital project settlement accounts for transactions [3]. - The notification allows companies to autonomously manage foreign exchange risks and conduct spot foreign exchange transactions and hedging through banks or brokers [4]. - Registration timelines for issuing, increasing, and reducing shares have been extended, with specific adjustments made to the registration process to facilitate easier compliance [4]. Group 3: Impact on Companies - The notification is expected to create a more favorable policy environment for companies seeking to list abroad, thereby enhancing their competitiveness in international capital markets [5]. - It supports the broader goal of advancing high-level financial openness and integration within the global economy [5].

为完善并统一境内企业境外直接上市相关跨境资金管理，提升境内企业跨境融资便利化水平，中国人民银 行、国家外汇管理局5月23日发布《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）》（下 称《通知》），并向社会公开征求意见。 责编：罗晓霞 《通知》共26条，拟对境内企业境外上市资金管理有关政策进行优化，统一本外币管理政策，规范募集资金管 理。 近年来，人民银行、外汇局持续推进金融高水平开放，完善本外币一体化的跨境资金管理，跨境贸易和投融资 便利化水平不断提升。目前来看，境内企业赴境外上市资金管理政策需要进一步优化完善。 一方面，境内企业赴境外上市的人民币和外币跨境管理政策不统一。另一方面，外汇局在2014年12月末发布的 《关于境外上市外汇管理有关问题的通知》（下称"54号文"）已实施逾10年。据经营主体反映，现有管理在登 记时间要求、账户使用、资金汇兑等方面便利性有待进一步提升。此外，中国证监会在2023年2月发布境外上 市新规后，境内企业赴境外上市以及H股"全流通"的管理由审批制变为备案制，也有必要同步更新汇兑环节的 资金管理政策。 针对上述堵点，《通知》顺应市场需求，结合前期银行办理境外上市登记业务 ...

文/梧桐小编 5月23日，中国人民银行、国家外汇管理局发布《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）》公开征求意见的通知。 境外上市募集资金、减 持或转让股份所得资金原则上应汇回境内。 可以外币或人民币调回，相关资金均可使用资本项目结算账户汇出入。以人民币调回的，还可使用境内企业人民币银 行结算账户。参与H股"全流通"的上市主体对境内股东的分红款在境内以人民币形式派发。除上市企业回购、境内股东增持外，将境内企业境外上市相关登记的办 理方式，由在外汇局办理调整为银行直接办理。 一是统一本外币管理政策。 境外上市募集资金、减持或转让股份等所得可以外币或人民币调回，相关资金均可使用资本项目结算账户汇出入。以人民币调回的， 还可使用境内企业人民币银行结算账户。参与H股"全流通"的上市主体对境内股东的分红款在境内以人民币形式派发。 二是企业募集资金境内使用和外汇风险管理更为灵活便利。 境外上市募集资金以外币调回的可自主结汇使用。上市主体可自主选择外汇风险管理途径，通过银行 或券商办理即期结售汇及套期保值交易。 三是简化管理程序，放宽登记时限要求。 除上市企业回购、境内股东增持外，将境内企业境外上市相关登 ...

本报记者 刘琪 5月23日，中国人民银行、国家外汇管理局（以下分别简称"央行""外汇局"）发布消息，为进一步支持境内企业境外直接 上市融资，对《关于境外上市外汇管理有关问题的通知》（汇发〔2014〕54号）进行修订，起草了《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）》（以下简称《通知》），现向社会公开征求意见，意见反馈截止时间为2025年6月22 日。 近年来，央行、外汇局持续推进金融高水平开放，不断完善本外币一体化的跨境资金管理。外汇局有关部门负责同志表 示，《通知》对境内企业赴境外上市的人民币和外币跨境管理政策进一步统一，完善了汇兑环节的资金管理，并且顺应市场需 求对现行政策进行了优化，这将更好支持境内企业在国际金融市场高效融资。 此次《通知》对本外币管理政策进行了统一。境外上市募集资金、减持或转让股份等所得可以外币或人民币调回，相关资 金均可使用资本项目结算账户汇出入。以人民币调回的，还可使用境内企业人民币银行结算账户。参与H股"全流通"的上市主 体对境内股东的分红款在境内以人民币形式派发。 同时，企业募集资金境内使用和外汇风险管理更为灵活便利。《通知》明确，境外上市募集资金以外币调回的 ...

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have revised the regulations to support domestic enterprises in overseas direct listings and enhance cross-border investment and financing convenience, aiming for a higher level of financial openness [1][2]. Group 1: Main Considerations for the Notification - The revision is part of ongoing efforts to promote high-level financial openness and improve cross-border fund management, particularly as the use of the Renminbi in cross-border transactions has increased [2][3]. - The need for updated regulations arises from the transition of the China Securities Regulatory Commission's management of overseas listings from an approval system to a filing system, necessitating corresponding updates in foreign exchange management policies [2][3]. Group 2: Key Contents of the Notification - The notification consists of 26 articles, including the unification of foreign currency management policies, allowing for more flexible use of raised funds domestically, and simplifying management procedures [3][4]. - Companies can now repatriate funds raised from overseas listings in either foreign currency or Renminbi, with the option to use capital account settlement accounts for fund transfers [3][4]. - The management procedures have been simplified, with the registration process shifting from the foreign exchange bureau to banks, and the time limits for various registrations have been extended [3][4][7]. Group 3: Changes in Fund Management Requirements - The notification clarifies that funds raised from overseas listings should generally be repatriated to China, but exceptions are made for companies that have obtained prior approvals for overseas investments [5][6]. - The management principles regarding the timely repatriation of funds have been reiterated, emphasizing the need for compliance with existing regulations [6][7]. Group 4: Considerations for Relaxing Registration Time Limits - The time limits for registration of various activities related to overseas listings have been extended to provide companies with more time to prepare necessary documentation [7]. - Certain registration changes, such as those related to company name or shareholder information, will no longer have a specified time limit to reduce the frequency of registration processes [7].

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have issued a draft notice regarding the management of funds for domestic enterprises listed overseas, aiming to standardize foreign currency management policies and enhance the convenience of cross-border financing for domestic enterprises [1]. Group 1: Fund Management for Overseas Listings - Domestic enterprises listed overseas can repatriate funds raised in foreign currency or RMB, using capital project settlement accounts for transactions [1][4]. - The notice outlines that domestic enterprises must register their overseas listings with the local branch of the People's Bank of China within 30 working days after the issuance or completion of oversubscription [2]. - Changes in the overseas listing, such as name or address changes, must also be registered within 30 working days after the change occurs [3]. Group 2: Fund Repatriation and Usage - Funds raised from overseas listings should generally be repatriated promptly, with specific provisions for retaining funds for overseas investments subject to prior approval [4]. - The notice specifies that funds in RMB can be returned to either capital project settlement accounts or domestic RMB bank settlement accounts [4]. - The use of funds must align with the publicly disclosed documents related to the fundraising [4]. Group 3: Shareholder Transactions - Domestic shareholders must register any reduction in their overseas listed shares within 30 working days after the transaction [5]. - Shareholders wishing to increase their holdings must apply for registration 20 working days prior to the intended increase [11]. - The notice mandates that funds from share transactions should be repatriated promptly, either in RMB or foreign currency [13]. Group 4: Compliance and Regulatory Oversight - The People's Bank of China and the State Administration of Foreign Exchange will supervise and manage the registration, account opening, and fund exchange related to overseas listings [2][12]. - Financial institutions are required to ensure compliance with the notice, including maintaining records for anti-money laundering and anti-terrorism financing purposes [12]. - Violations of the notice may result in corrective measures and administrative penalties [13].

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have issued a draft notice regarding the management of funds from domestic enterprises listed overseas, emphasizing that domestic shareholders should promptly return funds obtained from the reduction or transfer of shares to the domestic market [1] Group 1 - Domestic shareholders are required to return funds from the reduction or transfer of shares in overseas-listed domestic enterprises back to China in a timely manner [1] - Funds can be returned in either Renminbi or foreign currency, with specific guidelines on where these funds should be deposited [1] - If returned in foreign currency, the funds should be deposited in residents' overseas securities and derivatives accounts; if in Renminbi, they can be deposited in either overseas accounts or domestic Renminbi bank settlement accounts [1]