CSRC: Improve Filing Management Quality and Efficiency to Support Enterprises' Overseas Financing Development

On February 28, the China Securities Regulatory Commission (CSRC) website published responses to suggestions from the Third Session of the 14th National People’s Congress and proposals from the Third Session of the 14th Chinese People’s Political Consultative Conference.

In response to the proposal titled “Leveraging Hong Kong’s Financial Advantages to Empower High-Quality Development of Private Economy,” the CSRC stated that private enterprises are China’s largest foreign trade entities, accounting for 80% of foreign trade companies and contributing over half of China’s total foreign trade. They are the main force stabilizing foreign trade. Financial regulatory authorities earnestly implement the decisions and deployments of the Party Central Committee and the State Council, attach great importance to and actively support financial services for the real economy, and unwaveringly promote high-level opening of the capital market.

In recent years, the CSRC and the Hong Kong Securities and Futures Commission (SFC) have continuously strengthened cross-border regulatory cooperation, signing the “Memorandum of Cooperation on Strengthening the Regulation of Mainland Enterprises Listing in Hong Kong.” They have refined regulatory cooperation mechanisms in areas such as Hong Kong IPOs, law enforcement cooperation, intermediary supervision, and information exchange. These mechanisms operate well and effectively support domestic enterprises in financing and developing in Hong Kong. Since the implementation of the “Provisional Measures for the Administration of Securities Issuance and Listing by Domestic Enterprises Abroad” on March 31, 2023, overall operations have been stable and orderly. By the end of March 2025, the CSRC had issued filing notices to 117 Hong Kong-listed companies, with 99 companies listed in Hong Kong after filing, raising a total of HKD 118.1 billion (approximately RMB 108.1 billion). As an important bridge connecting China’s mainland capital markets to the world, Hong Kong has become the primary overseas listing destination for mainland enterprises.

The CSRC stated that moving forward, to better support private enterprises in leveraging the Hong Kong capital market for financing and development, financial regulators will continue to guide banks, securities, and insurance industries to meet the needs of private enterprises, strengthen cooperation with Hong Kong financial institutions, innovate financial products and services, and provide more comprehensive support for enterprises expanding overseas markets, enhancing international competitiveness, and responding to trade frictions. They will also guide industry associations to strengthen financial talent exchanges and build a solid talent foundation for long-term coordinated development. Based on existing regulatory cooperation mechanisms, the CSRC will further enhance regulatory coordination and linkage, improve regular communication mechanisms with overseas regulators, improve filing management efficiency, and assist enterprises in overseas financing. They will support enterprises in making good use of both markets and resources, and integrate more openly into the international economic stage.