Authored by:Wang Jianxue Ye Xiaobei An Shan
On February 17, 2023, the China Securities Regulatory Commission (CSRC) promulgated the Trial Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises, along with its five supporting guidelines (collectively, the “New Rules on Overseas IPOs” or “New Rules”). The New Rules on Overseas IPOs stipulate the duties and obligations of intermediaries, especially the securities companies, securities service providers and practitioners (collectively, the “securities companies”), in the overseas securities offerings and listings by Chinese companies, and provide for the supervision and administration by the CSRC and the competent regulators under the State Council. In addition, in response to the journalists’ questions on the New Rules, CSRC officials stated that the “administration” of filing for overseas listings will be implemented by clarifying the duties of intermediaries and strengthening regulatory oversight and coordination. This article intends to tease out the duties and obligations of securities companies under the New Rules for reference and discussion.