华谊信资本 | 企业境外上市 | 备案制度 | 跨境融资 | 境外上市备案数据统计 | 中国证监会 2025年，中国资本市场对外开放进程持续深化，境内企业境外上市备案制度效能进一步释放。华谊信资本基于证监会披露数据，从备案整体态势、上市 目的地分布、行业结构特征等维度展开分析，总结全年境外上市备案特点与趋势，并梳理背后的政策驱动逻辑，为市场主体把握跨境融资机遇提供参 考。 一、2025年境内企业境外上市备案接收情况统计 2025年12月19日，中国证监会发布了《境内企业境外发行证券和上市备案情况表（首次公开发行及全流通）（截至2025年12月19日）》。根据官网披露 最新数据显示，截至目前，共有307家企业向中国证监会提交境外上市备案材料，现正排队等待审核中。其中，拟赴港上市252家，拟赴美上市54家，拟 赴台上市1家。 从备案状态来看，77家处于已接收状态，189家需补充材料。 在这307家排队等待审核的企业中，采用直接境外上市的企业有174家，间接境外上市的企业有92家，全流通有41家。 二、2025年境内企业境外上市备案成功情况统计 截至2025年12月31日，全年共有179家企业获中国证监会境外上市备 ...

Core Viewpoint - The article emphasizes the importance of deepening cross-border investment and financing foreign exchange management reforms to support high-quality development of the real economy, with a focus on the initiatives taken by Industrial Bank's Xiamen branch to enhance financial services for enterprises and rural revitalization [1]. Group 1: Cross-Border Financing Initiatives - Industrial Bank's Xiamen branch has tailored cross-border financing solutions for local enterprises, such as a private food company, to address challenges like high financing costs and inefficient fund usage [2]. - The bank has leveraged favorable policies to help enterprises increase their foreign debt financing limits and access low-cost foreign funds, completing over 600 million Japanese yen in foreign debt registration in just one working day [2][3]. - Digital tools have been employed to streamline fund management, enabling online operations for foreign debt funds after due diligence [2]. Group 2: Risk Management Solutions - To mitigate risks associated with interest rate and exchange rate fluctuations, the bank offers foreign exchange derivative products that convert floating-rate foreign debt to fixed rates and lock in exchange rates [3]. - This financial support has allowed the food company to expand its procurement from upstream farmers and enhance its product offerings tailored for rural markets [3]. Group 3: Comprehensive Service System - The case of the food company illustrates the bank's implementation of foreign exchange facilitation policies, creating a comprehensive service system for both corporate and individual cross-border business [4]. - The bank has optimized its business processes through digital transformation, significantly reducing the time required for cross-border trade foreign exchange transactions to under five minutes [4]. - In personal foreign exchange services, the bank has introduced specialized services for foreign employees, including online salary exchange and cross-border salary distribution, benefiting nearly 120 companies [4]. Group 4: Future Directions - Moving forward, Industrial Bank's Xiamen branch aims to continue supporting quality enterprises and enhancing the business environment in Xiamen, contributing to the high-quality development of foreign trade [5].

Core Viewpoint - The current financial work emphasizes deepening cross-border investment and financing foreign exchange management reforms to support high-quality development of the real economy [1] Group 1: Cross-Border Financing and Support for Enterprises - Xiamen branch of Industrial Bank actively responds to the call for high-level opening-up, utilizing foreign exchange reform to convert policy benefits into practical services for enterprises [1] - A private food company in Xiamen, referred to as Company A, utilizes an order-based agricultural model to drive local agricultural development but faces challenges such as high financing costs [2] - The bank customizes cross-border financing solutions for Company A, helping to expand foreign debt financing limits and streamline processes, completing over 600 million Japanese yen foreign debt registration in just one working day [2][3] Group 2: Risk Management and Business Expansion - The bank offers foreign exchange derivative products to convert floating-rate foreign debt into fixed rates, mitigating interest rate and exchange rate risks for enterprises [3] - With the financial support, Company A expands its procurement scale, enhances its industry cooperation model, and increases R&D investment to launch products suitable for rural markets [3] Group 3: Comprehensive Service System for Enterprises and Individuals - The case of Company A exemplifies the bank's implementation of foreign exchange facilitation policies, creating a comprehensive service system for cross-border business [4] - The bank's digital transformation enhances efficiency in foreign exchange services, allowing enterprises to complete transactions online, significantly reducing processing time [4] - The bank also introduces specialized services for cross-border salary payments, addressing the needs of foreign employees and improving the service experience for companies [4] Group 4: Future Directions - The bank plans to continue its commitment to serving the real economy, ensuring more quality enterprises and livelihood scenarios benefit from policy advantages, thereby contributing to high-quality development of foreign trade in Xiamen [5]

中国常驻维也纳联合国代表团工业发展处指出，本次公约的核心内容主要包括三个方面：一是创设适用 于公路、铁路、航空及海运等各类运输方式的"可转让货物单证"，实现单式运输与多式联运的统一法律 框架；二是明确按公约签发的运输单证具有物权凭证属性，为跨境贸易的货物在途转让、融资等提供了 强有力的法制保障；三是兼容电子单证形式，助力全球贸易数字化转型。 中国银行江苏省分行交易银行部主任级高级经理徐珺曾先后作为联合国贸法会第六工作组（可转让货物 单证）中国政府代表团成员、国际商会巴黎总部观察员，全程参与了公约谈判工作。她在接受记者采访 时指出，国际贸易中以所有权文件（如可转让海运提单）为担保的贸易融资是解决贸易融资缺口的方案 之一，允许中小企业通过转让或设定其货物所有权上的担保权益来获得融资。 联合国大会第80届会议日前审议通过《联合国可转让货物单证公约》（NCD公约）。本公约由中国发 起并主导达成，是中国在运输领域引领制定的第一部国际公约，填补了海运提单以外的运输单证无法凭 单交易、融资的法律空白，未来将有力推动各类运输单证融资的多元化便利化，促进各国特别是内陆国 家的贸易繁荣和经济发展。 "公约是自1924年《海牙规则 ...

证券时报记者 秦燕玲 联合国大会第80届会议日前审议通过《联合国可转让货物单证公约》（NCD公约）。本公约由中国发起并主导达 成，是中国在运输领域引领制定的第一部国际公约，填补了海运提单以外的运输单证无法凭单交易、融资的法律 空白，未来将有力推动各类运输单证融资的多元化便利化，促进各国特别是内陆国家的贸易繁荣和经济发展。 大连海事大学法学院院长朱作贤同样全程参与了公约谈判工作。他指出，公约在规则创新方面蕴含"中国智慧"， 其核心制度设计凝聚了中国元素。例如，公约第7条"可转让货物单证持有人的权利"是公约核心条款之一，其内容 几经变化到最后定稿，中国代表团是"最后方案"的有力推动者与积极贡献者。在整个磋商谈判过程中，中国代表 团一直坚持的原则是：参照成熟的海运提单法律制度，为维护单证交易的信赖机制，可转让货物单证持有人的权 利义务应当以单证本身记载为依据，而不应当受单证之外运输合同约定的影响。 "公约是自1924年《海牙规则》以来，中国在运输领域引领制定的第一部国际公约，这是我国在涉外法治领域制度 性话语权不断增强的一次生动实践，具有划时代意义。"朱作贤称。 中国常驻维也纳联合国代表团工业发展处指出，本次公约的 ...

Core Viewpoint - The launch of the offshore yen direct lending business by Pudong Development Bank's Hefei branch provides a new cross-border financing channel for enterprises, helping them reduce costs and optimize their financial structure [1] Group 1: Business Development - Pudong Development Bank's Hefei branch successfully issued 216 million yen to Anhui Jinyu Agricultural Technology Development Co., Ltd., marking a significant step in internationalization [1] - The offshore direct lending business offers notable advantages over traditional domestic loans, including significant cost benefits, flexible terms, and the ability to mitigate exchange rate risks [1] Group 2: Market Trends - The ongoing dual opening of China's financial industry is expected to create broader development opportunities for offshore direct lending businesses [1] - The successful implementation of the yen offshore direct lending business signifies an enhancement in Pudong Development Bank's capabilities in international financial services [1] Group 3: Strategic Focus - The bank aims to continue focusing on customer needs by providing professional and agile financial solutions to inject continuous cross-border financial support into the real economy [1]

Core Insights - The article highlights the successful implementation of a cross-border financial service platform by Industrial Bank's Kunming branch, which provided a small and micro enterprise with a credit limit of 5 million yuan [1] Group 1: Company Initiatives - Industrial Bank's Kunming branch facilitated its first cross-border financing for a small export company specializing in fresh grapes and citrus fruits, targeting markets in Laos and Vietnam [1] - The company experienced increased funding needs due to a rise in foreign trade orders this year, emphasizing the importance of efficient and cost-effective bank credit financing [1] Group 2: Financial Services - The enterprise utilized the State Administration of Foreign Exchange's cross-border financial service platform, specifically the "Bank-Enterprise Financing Connection" application, to submit its credit financing request [1] - The approval process was notably swift, taking only one day from the submission of the credit application to the granting of the credit limit [1] - The use of China Export & Credit Insurance Corporation's short-term export credit insurance policy as a credit enhancement tool effectively alleviated the financing challenges faced by foreign trade enterprises [1]

Core Insights - The China-Singapore (Chongqing) Strategic Connectivity Demonstration Project has achieved significant milestones over the past decade, including 347 signed government and commercial cooperation projects worth $26 billion and a cumulative cross-border financing amount of $21.7 billion [1] Group 1: Project Achievements - The project has successfully established a new cooperation framework between China (Chongqing) and Singapore, facilitating direct connections and enhancing regional economic development [1] - The Western Land-Sea New Corridor, initiated under this project, has become a vital trade route connecting the Silk Road Economic Belt and the 21st Century Maritime Silk Road, significantly reducing shipping times to Southeast Asia [2] - The range of goods transported via the Western Land-Sea New Corridor has expanded to 1,316 categories, reaching 577 ports in 127 countries and regions, with a total volume nearing 5 million TEUs [2] Group 2: Financial Cooperation - Over the past ten years, diverse cross-border financing channels have been established, including the first real estate investment trust in Asia and the first digital RMB cross-border settlement [3][5] - A total of 74 innovative open policies have been implemented to enhance financial cooperation between China and Singapore [3] Group 3: Broader Impacts - The project has facilitated cultural exchanges and tourism, with a significant increase in Chinese tourists visiting Singapore, reaching 2.5 million in the first nine months of the year [7] - The mutual visa exemption policy has enhanced travel convenience and cultural interactions between the two nations, contributing to growth in retail and service sectors [7] - Future plans include expanding cooperation in green finance, digital connectivity, and other forward-looking areas to better serve the real economy [5][8]

Core Viewpoint - Recently, Industrial Bank's Urumqi branch successfully introduced RMB 30 million equivalent of foreign funds for a "specialized and innovative" high-tech enterprise in Xinjiang through an internal guarantee direct loan business, effectively broadening the enterprise's financing channels and reducing financing costs [1] Group 1: Financing Innovation - The internal guarantee direct loan business is designed to address the funding needs of enterprises during the raw material procurement phase [1] - The Urumqi branch led the design of a comprehensive cross-border financing scheme combining "internal guarantee direct loan + currency swap" [1] - This scheme leverages the advantages of the foreign funding market to help enterprises obtain funds at a lower cost [1] Group 2: Risk Management - The currency swap tool is utilized to convert floating rate debt into fixed rate debt, allowing enterprises to lock in financing costs in advance and effectively mitigate exchange rate fluctuation risks [1] - The Urumqi branch provided full assistance to the enterprise in completing foreign debt registration and compliance processes, ensuring smooth business implementation [1] Group 3: Future Outlook - The internal guarantee direct loan, as an innovative cross-border financing model, helps alleviate the issues of limited financing channels and high costs for domestic enterprises [1] - The Urumqi branch will continue to implement the central financial work conference spirit, deepening financial support for high-tech industries and "specialized and innovative" enterprises [1] - The focus will be on enhancing the quality and efficiency of cross-border financial services to support high-quality local economic development through high-level opening up [1]

Core Insights - The Guangdong branch of the State Administration of Foreign Exchange has successfully processed the first pilot business for shared foreign debt quotas between parent and subsidiary companies in financing leasing, marking a new avenue for cross-border financing for leasing companies in Guangdong [1][3] Group 1: Policy and Innovation - The rapid development of China's financing leasing industry has led to the establishment of Special Purpose Vehicle (SPV) subsidiaries for leasing large equipment, but these subsidiaries often face challenges in obtaining sufficient foreign debt quotas due to net asset limitations [3] - To address the financing difficulties faced by SPV subsidiaries, the Guangdong branch of the State Administration of Foreign Exchange introduced a pilot policy allowing eligible leasing companies to share foreign debt quotas with their SPV subsidiaries, thereby broadening financing channels and enhancing financing capabilities [3][4] Group 2: Efficiency and Speed - The Guangdong branch of the State Administration of Foreign Exchange provided timely support to Southern Airlines International Leasing Company, enabling them to successfully borrow $165 million in foreign debt within just two business days [4][5] - The branch optimized the business processing workflow through proactive communication and expedited procedures, ensuring efficient handling of shared foreign debt quotas and foreign debt registration for the company and its SPV subsidiaries [4] Group 3: Economic Empowerment - The pilot business allows the two SPV subsidiaries of Southern Airlines International Leasing Company to increase their foreign debt quota from a combined 5 million RMB to nearly 2.5 billion RMB, significantly alleviating liquidity pressures and facilitating better fund management [4][5] - This initiative supports the aviation industry by enabling more flexible and convenient use of cross-border funds, meeting the demands for aircraft leasing and second-hand material purchases, thus strengthening the integration of the aviation supply chain [5] Group 4: Industry Development - The Nansha area has become a hub for aircraft leasing, with over 120 registered SPV companies and a cumulative delivery of 311 aircraft, leading to an asset scale exceeding 100 billion RMB [6] - Nansha has achieved significant breakthroughs in innovative business models, including the first national asset package cross-border transfer and the first offshore leasing in Guangdong, promoting the growth of the aircraft leasing industry [6]