中國針對境外上市及募資的新規定 The new regulations from the CSRC concerning overseas listings and fundraising

最近在看中國證監會針對境外上市及募資的新規定（境內企業境外發行證券和上市管理試行辦法），從今年3月31日開始實施，因為台灣有上百家上市櫃公司是台商回台上市（IPO為主），所以一般認為對這些回台上市的台商企業會有不小的影響，並且會增加這些企業的監理合規成本。

但是，考慮到台灣股市在過去一兩年，接連發生康友、如興這樣的重大弊案，中國證監會的這項新規定將可以有效減少舞弊的發生，特別是該試行辦法第29條、第31條對於虛假記載、不實報表的各項處罰和刑事責任，相對地補足台灣主管機關無法處置中國大陸人士的問題。

更重要且很少有人提到的另一個重點，中國大陸政府長久以來拒絕將會計工作底稿提供給境外做查核，對於境內個資的出境也有非常嚴格的限制，而這也造成近期幾個國際主要資本市場對於中企的反制。該試行辦法在不怎麼顯眼的地方，規定例外允許以評估後許可的方式，讓這些貴重的資料得以出境，或許中國證監會也是在尋求一個能和國際資本市場協調的均衡點。

工商服務：本所和北京、上海、深圳的一線律所都有合作協議，有需要進行備案的台商企業，歡迎找我們商談委案。

Recently, we've been examining the new regulations from the China Securities Regulatory Commission (CSRC) concerning overseas listings and fundraising (Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies), which came into effect on March 31st of this year. Since there are over a hundred publicly listed companies in Taiwan that are Taiwanese businesses returning to Taiwan for IPOs, it is generally believed that these regulations will have a significant impact on these enterprises and will increase their compliance and regulatory costs.

However, considering the major scandals that have occurred in the Taiwan stock market over the past one or two years, such as Kang You and Ru Hsing, these new regulations from the CSRC could effectively reduce occurrences of fraud. Specifically, Articles 29 and 31 of the provisions, which deal with penalties and criminal liabilities for false statements and misrepresentations, can address the problem that Taiwanese authorities have in dealing with mainland Chinese individuals.

Another crucial and seldom-mentioned point is that the mainland Chinese government has long refused to provide accounting work papers for overseas auditing, and there are very strict restrictions on the export of personal data within the country. This has led to recent countermeasures against Chinese enterprises in several major international capital markets. The new regulations, in a less noticeable provision, allow exceptions after assessment to permit these valuable data to be taken abroad, possibly marking an effort by the CSRC to find a balance that aligns with the international capital markets.

For commercial services, our firm has collaboration agreements with top-tier law firms in Beijing, Shanghai, and Shenzhen. Taiwanese businesses that need to complete the filing process are welcome to contact us to discuss representation.