CHINA China to steadily advance pilot CDRs program: CSRC

CHINA

China to steadily advance pilot CDRs program: CSRC

Xinhua

05:36, June 12, 2018

180611-13.jpg

(Photo: Xinhua)

China will advance the pilot China Depositary Receipts (CDRs) program in an active and steady manner to build an inclusive and competitive capital market, according to country's securities watchdog.

"China will adhere to international, legal, and market-based principles to actively and steadily advance the testing of issuance and trading of CDRs," said Li Chao, deputy head of China Securities Regulatory Commission (CSRC), at a forum last Friday.

The CSRC issued rules on a pilot program for issuance and trading of CDRs last Wednesday, paving the way for innovative firms to issue CDRs in the domestic capital market, according to the CSRC.

Li said the CSRC will strictly control the number of enterprises and volume of funding for the pilot CDRs program, strictly review the quality of enterprises, and supervise the process of CDRs issuance.

Chinese smartphone maker Xiaomi submitted the country's first application to issue a CDR last Thursday, according to the CSRC.

According to the prospectus filed by Xiaomi, the Beijing-based company will dual-list both in the domestic market and Hong Kong.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue