CSRC: pilot red chip enterprises can list in China today

With the approval of the State Council, the China Securities Regulatory Commission (CSRC) issued the “Announcement on Arrangements for the Pilot Red Chip Enterprises to be Listed in China”, which will be implemented as of the date of announcement.

With the approval of the State Council, the China Securities Regulatory Commission (CSRC) today issued the “Announcement on Arrangements for the Pilot Red Chip Enterprises to be Listed in China”, which will be implemented as of the date of announcement.

The market value requirements of overseas listed red-chip companies are as follows: a market value of not less than 200 billion yuan; or a market value of more than 20 billion yuan, with independent research and development, international leading technology, strong technological innovation capabilities, with a relatively advantageous position in the same industry.

For red chip companies that have not been listed overseas and apply for listing on the domestic market, they should formulate a plan for matters involving the use of foreign exchange such as the reduction of the holding of stocks before reporting to the China Securities Regulatory Commission.

It will solicit the opinions of the relevant competent authorities.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/05/01/csrc-pilot-red-chip-enterprises-can-list-in-china-today/.

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