CHINA: CSRC Issues Guiding Opinions on Transfer of Listed Companies on the Beijing Stock Exchange

Friday January 14 2022

The China Securities Regulatory Commission (CSRC) has announced that it has revised the “Guiding Opinions on the Transfer of Companies Listed on the National Equities Exchange and Quotations System” (Original Guidance) and formed the “Guiding Opinions on the Transfer of Listed Companies on the Beijing Stock Exchange” (Guiding Opinions).

This revision is based on maintaining the original guidance system framework, style and main content, mainly including five aspects.

• The first is to adjust the basis for formulation. The Decision of the State Council on Issues Concerning the National Equities Exchange and Quotations (Guo Fa [2013] No. 49) was deleted.
• The second is the name revision. “National Equities Exchange and Quotations” and “selected companies” were respectively changed to “Beijing Stock Exchange” and “Beijing Stock Exchange-listed companies”, and “transfer to the board” was changed to “transfer to the board”.
• The third is to clarify the calculation of the time to market. If a company listed on the Beijing Stock Exchange applies for transfer, it should have been listed on the Beijing Stock Exchange for one year.
• The fourth is the arrangement of restricted sales of shares. It is clarified that the restricted period of shares after the transfer of listed companies on the Beijing Stock Exchange can, in principle, deduct the time that has been restricted in the original selection layer and the Beijing Stock Exchange.
• The fifth is to make adaptive adjustments to other written expressions.

Click on the above link for further information.