Hainan Free Trade Port (HFTP) launched a pilot reform for HFTP companies to list shares overseas in November 2020.
On 27 Nov. 2020, the Hainan Bureau of the State Administration of Foreign Exchange ("SAFE") issued the Pilot Management Measures for the Companies in Hainan Free Trade Port for Overseas Listings Registration (海南自由贸易港内公司境外上市登记试点管理办法), launching the pilot reform of the overseas listing registration of joint stock companies registered in Hainan Pilot Free Trade Port (“HFTP companies”).
Overseas listing refers to the act of overseas issuance of shares and other securities, permitted by laws and regulations, by HFTP companies upon approval of the China Securities Regulatory Commission (“CSRC”), and public listing and trading of such securities on overseas stock exchanges.
New overseas listing registration, registration of change and deregistration of HFTP companies may be handled directly at a bank under the jurisdiction of the Hainan Bureau of the SAFE. HFTP companies shall present the registration certificate for overseas listing to open a designated foreign currency account for overseas listing of domestic companies with a bank for remittance and transfer of foreign currency funds for the purpose of initial public offering, additional public offering, share repurchases and other relevant businesses.
Contributors: Yanru Chen 陈彦茹
