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PBOC, SAFE: Funds Raised from Overseas Listings Should Be Remitted Back to CN In Principle
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The People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) issued the "Notice on Issues Concerning the Management of Funds Raised by Domestic Enterprises Listing Overseas (Draft for Comments)" to collect public opinions, so as to improve and unify the cross-border capital management related to domestic enterprises directly listing overseas. The Notice mentioned that funds raised by domestic enterprises from overseas listings should in principle be remitted back to China promptly. If retained overseas for direct overseas investment, overseas securities investment, or overseas lending, approval or record documents from the relevant business authorities should be obtained before the completion of the overseas listing issuance or the completion of over-allotment, and should comply with relevant cross-border capital management regulations. AASTOCKS Financial News Website: www.aastocks.com |
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