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].

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，国家外汇局在2014年12 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"）已实施已逾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试点情况，拟对现行有关 政策进行优化，支持境内企业在国际金融市场高效融资。 《通知》拟统一本外币管理政策，提出境外上市募集资金、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。 在企业募集资金境内使用和外汇风险管理上，《通知》有关规定更为灵活便利。《通知》拟规定，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 ...