Securities Regulator Sets the Stage for Tech Titans’ Domestic Listing
China’s securities regulator went live with a series of highly anticipated guidelines for the China depositary receipt (CDR) pilot program, setting the scene for the country’s foreign-listed tech titans to trade shares at home.
The China Securities Regulatory Commission (CSRC) on late Wednesday released several documents (link in Chinese) detailing rules governing issues such as the listing and trading of CDRs; the criteria that companies have to meet to participate in the trial program; information disclosure; due diligence by the underwriters; investor protections; and the setup and operation of a board of experts from the high-tech industries that will help the regulators vet applications for the offering of the securities. They clarified that the receipts and the underlying shares they represent will not be convertible for the time being.
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