China's CSRC calls for new overseas listing rule to take effect

[BEIJING] China's securities watchdog called for faster implementation of a new rule surrounding overseas listings that may remove a hurdle for US regulators seeking access the auditing papers of Chinese firms listed in New York.

China will keep the overseas listing channel open and support companies seeking to utilise both domestic and foreign markets in compliance with existing laws and regulations, Yi Huiman, chairman of the China Securities Regulatory Commission, said in a speech Saturday (Apr 9), according to an official release.

CSRC is studying new measures to open up China's financial markets, including expanding the list of stocks covered by the stock connect with Hong Kong, Yi said.

The commission aims to help make the global regulatory environment more predictable, and encourage greater cooperation between US and Chinese auditing authorities, he said.

The securities regulator earlier this month modified a decade-long rule that restricted the sharing of financial data by offshore-listed firms. The amendments marked an unusual reversal by Beijing, potentially ending a dispute that escalated when the US set a 2024 deadline for removing non-compliant businesses from the New York Stock Exchange and Nasdaq. BLOOMBERG