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Rules to Be Set for Foreign Firm Listing
The China Securities Regulatory Commission (CSRC) said on Tuesday it would uphold principles that are "open, fair and just" in the process for approving the stock listings of foreign-invested companies.

In a press release, the market watchdog said it is exploring new issues of concern, which include reinforcing the disclosure of information concerning affiliated transactions, tax favours foreign-funded companies have enjoyed and other issues resulting from expected revisions of preferential policies after China enters the World Trade Organization (WTO).

The CSRC said it would allow foreign-invested firms to issue and list renminbi shares on trial basis before it develops a broad range of related regulations.

After more than 10 years of development, the time is right for China's stock market to "accept the entry of more foreign-invested companies into the market and issue shares in a standard and orderly manner," according to the CSRC.

The commission will support foreign-invested companies that "are committed to long term development in China" and demonstrate a sound operational mechanism and have a good reputation to enter the market.

By highlighting examples of prestigious multinational firms that will benefit from the domestic capital market, more first-class foreign firms will be attracted into the country and help improve the way of using foreign capital, it said.

(China Daily November 14, 2001)

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