The China Securities Regulatory Commission (CSRC), China’s top securities regulator, plans to increase efforts to implement new rules regarding overseas IPOs, reports Caixin. The CSRC will keep the channel of overseas listings unclogged, Chairman Yi Huiman said in a speech to a business group.
This is a reiteration of the commission’s commitment on March 16 following a meeting of the country’s top financial policy committee that aimed to address market concerns in the wake of massive sell-offs of Chinese stocks at home and abroad. One of the concerns was whether Beijing would support Chinese companies listing in the US.
These fears date back to Didi Global Inc.’s $4.4 billion IPO on the New York Stock Exchange last year. Within days of its June 30 debut, the Chinese ride-hailing giant faced a devastating backlash from domestic internet watchdogs, and was required to undergo a cybersecurity review, remove its apps from app stores, and suspend new user registrations.