5月下旬，中部某省的李阳发现，其服务的部分县区地方政府的专项债在省级财政部门并没有通 过。后来他发现，这些未获通过的地方专项债项目都只有可行性研究报告（下称"可研报告"）批 复。李阳是地方政府投融资人士，他的服务对象是地方政府的各个部门。 李阳说，此前，只要提供可研报告和立项批复就可以申请发行专项债，但现在省财政部门的要求更 加严格了。 该省的县区地方财政债务负责人也遇到了类似情况。省内财政部门的通知要求，发行新增专项债项 目要有公开的招标公告、中标通知书、施工合同以及国有土地使用证等。 经济观察报了解到，2025年上半年，已有多个省份提出要严加管理专项债资金使用的管理。财政 部监管局也将其作为管理重点。例如，2025年3月，财政部江苏监管局在《坚持"四个导向"高质量 开展2024年专项债券资金使用管理核查工作》中提出：一是关注债券资金使用问题，是否存在挪 用、归垫企业资金、用于经常性支出等违规行为；二是关注项目管理问题，是否存在投向负面清 单、申报虚假项目、打捆申报等行为；三是关注债券支出进度问题，是否及时拨付项目单位、结余 资金是否足额安全存放，确保专项债券资金使用精准高效。 李阳认为，这一系列的要求地方 ...

Group 1 - The article highlights the tightening regulations on local government special bonds, requiring more comprehensive documentation and project readiness before funds can be allocated [1][2][3] - The aim of these stricter requirements is to prevent misuse of special bond funds and to ensure that investments are effectively contributing to economic stability [2][7] - There is a growing concern that while strict management is necessary, it must also consider the financial pressures faced by local governments, particularly in maintaining essential services [2][8][10] Group 2 - Local governments are now required to manage special bond funds through dedicated accounts to ensure that the funds are used specifically for their intended purposes [3][5] - Despite these regulations, instances of fund misappropriation have been reported, with special bond funds being redirected to cover operational costs or other non-eligible projects [4][6] - Recent audits revealed that a significant portion of raised bond funds remains unutilized or misallocated, indicating flaws in the selection and monitoring processes for special bond projects [5][9] Group 3 - The increase in government bond financing and restrictions on the misuse of special bonds are expected to channel more funds into infrastructure and public welfare projects, potentially aiding economic recovery [7][8] - However, experts suggest that strict controls on special bonds should be accompanied by supportive policies to address the underlying fiscal challenges faced by local governments [8][10] - The financial strain on local governments is evident, with declining revenues and increasing expenditure pressures, leading to a reliance on reallocating funds between projects [9][10]

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 ...

Core Viewpoint - Shenzhen Huabao New Energy Co., Ltd. has approved changes to the use of part of the raised funds for the "Digital Zero Carbon Industrial Park Project" and established a special account for fund management [2][3][4]. Fundraising Overview - The company raised a total of RMB 5,828,645,675 through its initial public offering, with a net amount of RMB 5,594,596,404.45 after deducting issuance costs [2][3]. - The funds were fully received by September 13, 2022, and verified by Tianjian Accounting Firm [2]. Fund Management and Usage - A special account has been opened for the management of the funds, in compliance with regulatory requirements, to ensure investor protection [3][4]. - The company has signed a tripartite supervision agreement with China Construction Bank and its sponsor, Huatai United Securities, to oversee the fund's usage [5][6]. New Fundraising Special Account - The new special account is specifically designated for the Digital Zero Carbon Industrial Park Project, ensuring that funds are not used for other purposes [5][6]. - The agreement stipulates that any withdrawals exceeding RMB 50 million must be reported to the sponsor [6][7]. Profit Distribution Plan - The company plans to distribute cash dividends of RMB 11.50 per 10 shares and to increase capital by 4 shares for every 10 shares held, resulting in a total capital increase of 49,581,356 shares [12][14]. - The total number of shares after the distribution will increase from 124,800,000 to 174,381,356 [15]. Key Dates - The record date for the profit distribution is set for May 29, 2025, and the ex-dividend date is May 30, 2025 [16][18].

Group 1 - The company has announced the cancellation of its fundraising special account due to the completion of the "Zhejiang Shangyu Electronic Materials Base Project" and the full utilization of the raised excess funds [1][2] - The fundraising special account was opened by the company's wholly-owned subsidiary, Zhejiang Bayi Shikong Advanced Materials Co., Ltd., at China Construction Bank [1] - The company has completed the necessary procedures for the cancellation of the fundraising special account in accordance with relevant regulations [2]

Group 1 - The company has completed the cancellation of certain fundraising special accounts as part of its management strategy [1][2] - The total amount raised from the initial public offering (IPO) was RMB 1,913,072,420, with a net amount of RMB 1,806,750,318 after deducting issuance costs [1] - The company opened special accounts for the management and use of the raised funds in compliance with relevant laws and regulations [2] Group 2 - The decision to cancel the fundraising special accounts was made to facilitate management and reduce administrative costs [2] - The corresponding fundraising supervision agreements were terminated following the cancellation of the special accounts [2]

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 ...

Core Viewpoint - The article discusses the optimization of cross-border fund management policies for domestic companies listing abroad, aiming to enhance the convenience of cross-border financing for these enterprises [1][2]. Group 1: Policy Optimization - The People's Bank of China and the State Administration of Foreign Exchange have issued a draft notification to unify the management of domestic companies' funds for overseas listings, consisting of 26 articles [1]. - The current policies for managing cross-border funds in RMB and foreign currencies are inconsistent, necessitating further optimization [1][2]. - The existing management framework, established over ten years ago, requires updates to improve convenience in registration, account usage, and fund exchange [1][2]. Group 2: Fund Management and Flexibility - The notification proposes that funds raised from overseas listings can be repatriated in either foreign currency or RMB, with relevant funds allowed to use capital project settlement accounts for inbound and outbound transactions [2]. - Companies can autonomously manage foreign exchange risks and choose their methods for foreign exchange transactions, enhancing flexibility in fund usage [2][3]. - The notification aims to simplify the registration process for overseas listings, extending the registration time limits for various activities [2]. Group 3: Fund Repatriation and Usage - Funds raised from overseas listings and proceeds from share transfers are generally required to be repatriated to the domestic market, with specific provisions for excess funds from shareholder contributions [3]. - The notification clarifies management requirements for convertible bonds issued overseas and allows for reasonable overseas business operations if prior approvals are obtained [3].

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have issued a notice to optimize the management of funds for domestic enterprises listed abroad, aiming to enhance the convenience of cross-border financing for these companies [1][2]. Group 1: Policy Optimization - The notice consists of 26 articles aimed at standardizing foreign currency management policies and regulating the management of raised funds for domestic enterprises going public overseas [1]. - Current policies for cross-border management of RMB and foreign currency for domestic enterprises are inconsistent, necessitating further optimization [1][2]. - The existing management framework, established over ten years ago, requires updates to improve convenience in areas such as registration time requirements and fund exchange [1][2]. Group 2: Fund Management and Flexibility - The notice 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, utilizing capital project settlement accounts [2]. - Companies can autonomously manage foreign exchange risks and choose their methods for foreign exchange transactions, including spot trading and hedging through banks or brokers [2][3]. - The notice aims to simplify the procedures for managing overseas listings, extending registration time limits and allowing banks to handle certain registrations directly [2]. Group 3: Fund Repatriation and Usage - Funds raised from overseas listings and proceeds from share reductions or transfers are generally required to be repatriated to China, with specific provisions for excess funds from share purchases [3]. - The notice clarifies management requirements for convertible bonds issued abroad and allows for the retention of funds for reasonable overseas business activities if prior approvals are obtained [3].