Core Viewpoint - Beijing is promoting the pilot program for Qualified Foreign Limited Partners (QFLP) to encourage foreign investment institutions to establish industrial investment funds in the city [1] Group 1: Policy Initiatives - The Beijing Municipal Bureau of Economy and Information Technology has issued the "Beijing Action Plan for Promoting High-Precision Industries and High-Level Opening Up (2025)" [1] - The action plan aims to facilitate the establishment of QFLP pilot programs [1] - The plan encourages government investment funds, state-owned capital, and foreign enterprises to participate in the overseas listing of companies [1] Group 2: Support for Foreign Investment - The action plan supports foreign enterprises in utilizing national policies for large-scale equipment upgrades to carry out intelligent transformation and upgrades [1] - It promotes the construction of leading smart factories and "lighthouse factories" [1]

Group 1 - The regulatory environment for domestic companies going public overseas has become more transparent, efficient, and predictable, with 249 domestic companies completing overseas listing filings since the implementation of the new regulations on March 31, 2023 [1][2] - Nearly 90 of the listed companies are technology firms, primarily in sectors such as information technology, new energy, and advanced manufacturing [1] - As of May 23, 2023, there are 168 companies in the filing process, with 133 in the supplementary materials stage and 35 already accepted [1] Group 2 - The new regulations allow companies to reasonably arrange the timing of their filing applications and require that filings be completed before overseas issuance and listing [2] - The pace of overseas listing filings has accelerated, with 64 companies receiving filing notices in 2023, including seven companies in just a few days [2] - The new guidelines provide more flexibility in fundraising and foreign exchange risk management for companies going public overseas [2] Group 3 - Companies are increasingly looking to invest locally and expand globally after listing overseas, with examples like CATL planning to invest 90% of its Hong Kong IPO proceeds in projects in Hungary [3] - The new regulations aim to simplify the procedures for domestic companies going public overseas, shifting some processes from the foreign exchange bureau to banks [3][4] - Common issues in filing supplementary materials include ownership structure, shareholder information, and compliance with foreign investment regulations [4] Group 4 - Hong Kong has become the primary choice for companies going public overseas, with 127 out of 168 companies intending to list on the Hong Kong Stock Exchange [5] - The liquidity of the Hong Kong market has significantly improved, with an average daily trading volume of HKD 250.4 billion in the first four months of 2025, a 144% increase from the previous year [6] - Southbound capital has also surged into Hong Kong stocks, with a net inflow of HKD 621.36 billion in 2023, contributing to a 16.06% increase in the Hang Seng Index [6]

Core Viewpoint - The recent draft notification by the People's Bank of China and the State Administration of Foreign Exchange aims to optimize the management of funds for domestic companies listed abroad, enhancing cross-border financing convenience and promoting high-level opening-up [1][2][6]. Group 1: Policy Changes - The draft notification includes 26 articles that respond to market demands, aiming to unify foreign currency management policies and regulate fundraising management for domestic companies seeking efficient financing in international financial markets [1][2]. - The notification proposes to simplify the procedures for domestic companies listing abroad, extending the registration time limit for issuance and listing from 15 to 30 working days [3][6]. Group 2: Market Impact - As of April 2023, 242 domestic companies have completed the registration for overseas listings since the new regulations were implemented, indicating a stable operation of the registration management mechanism [1][6]. - In 2023, 49 companies have received approval for overseas listing registration, reflecting the increasing trend of domestic companies seeking broader financing channels and international influence [4][6]. Group 3: Specific Measures - The notification allows for more flexible use of funds raised overseas, permitting companies to autonomously manage foreign exchange risks and utilize capital project settlement accounts for fund transfers [3][6]. - It specifies that funds raised from overseas listings should generally be remitted back to China, with provisions for companies to retain funds for legitimate overseas investments if prior approvals are obtained [3][6]. Group 4: Recent Developments - Notably, CATL's listing on the Hong Kong Stock Exchange marked a significant milestone, with a total issuance scale of $4.6 billion, making it the largest IPO globally in 2023 [5][6]. - The regulatory framework has been enhanced to support the listing of technology companies, with a focus on reducing financing costs and increasing the convenience of cross-border financing [5][6].

Core Insights - The meeting focused on enhancing the internationalization of Shenzhen's financial market and facilitating cross-border financing for local enterprises through listings on the Singapore Exchange [1][3] Group 1: Singapore Exchange's Role - The Singapore Exchange (SGX) is recognized as a vital financial infrastructure for Chinese companies seeking international capital, offering a comprehensive listing framework that includes various structures such as red-chip and VIE [2] - SGX aims to attract more high-quality Chinese enterprises for listings, providing extensive support and enhancing its secondary listing mechanisms for companies already listed in Hong Kong, mainland China, and the U.S. [2] Group 2: Shenzhen's Financial Landscape - Shenzhen is positioned as a significant global financial center, with a robust industrial base and a strong emphasis on financial reform and technological innovation [3] - As of April 2025, Shenzhen has a total of 583 listed companies, ranking second in total market capitalization nationwide, with 423 on the A-share market and 160 listed abroad [3] Group 3: Local Government Initiatives - The Shenzhen Municipal Financial Committee is actively supporting high-quality enterprise development through initiatives like venture capital and private equity, aiming to enhance the listing success of local companies [3] - The Futian District, as a financial hub, houses nearly 60% of Shenzhen's licensed financial institutions and has a significant share of the city's venture capital management [4] Group 4: Collaborative Opportunities - Representatives from financial institutions and enterprises discussed practical issues such as ETF connectivity, bond market collaboration, and cross-border fundraising, aiming to strengthen capital flow and mutual benefits between Shenzhen and SGX [4]

南都电源（300068）公告，为深入推进公司全球化战略，提升品牌形象及知名度，提高综合竞争力，公 司正在筹划境外发行股份并在香港联交所上市事项。公司正在与相关中介机构就具体推进工作进行商 讨，相关细节尚未确定。本次H股上市不会导致公司控股股东和实际控制人发生变化。 ...