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  • 作家相片尚澄法律小編

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





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.


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