(Yicai Global) Dec. 27 -- China’s securities watchdog has issued draft new rules on offshore stock listings to support Chinese companies to make good use of domestic and overseas resources and comply with the law when going public offshore.

Offshore listings will be subject to unified filing management, according to the draft rules the China Securities Regulatory Commission posted on its website on Dec. 24 for public feedback.

If filing documents are complete and meet the specified requirements, the CSRC will issue a filing notice within 20 working days, otherwise the company will need to provide supplementary materials.

The CSRC will set up a supervisory coordination mechanism with relevant domestic industry authorities to strengthen policy linkage, information sharing and regulatory coordination, in a bid to reduce the burden of corporate oversight, it said.

Companies should apply for security reviews such as foreign investment security reviews, cyber security reviews and others required by law and regulations before filing applications for offshore listings, according to the draft rules.

In terms of cross-border regulatory enforcement, the CSRC will further promote cooperation with watchdogs in major overseas markets. It will strengthen information sharing with overseas regulators, fortify joint law enforcement, and actively promote cross-border audit supervision.

The new rules also state that under the premise of complying with domestic laws, regulations and other compliance requirements, variable interest entities can be listed overseas after filing.

Editor: Peter Thomas