CSRC unveils measures to support recovery, overseas listing

The China Securities Regulatory Commission will accelerate efforts to facilitate "green light" cases of overseas listings by platform enterprises, as part of a series of measures, the commission announced on Wednesday, to promote economic recovery.

Efforts should be made to maintain a steady performance of the capital market by introducing more medium to long-term investors into the market and expanding the size of pension mutual funds as soon as possible, the CSRC said in a statement after digesting highlights of the Central Economic Work Conference.

The commission aims to achieve a "stronger magnitude and quicker speed" in implementing the package of measures to help real estate enterprises tap into the capital market for stable growth and transition in development modes, the statement said on Wednesday.

The plan to improve the balance sheet of real estate enterprises will be comprehensively implemented, the commission said, adding that it will facilitate bond financing of private developers and allow reverse mergers of eligible real estate enterprises.

Citing that private enterprises accounted for the majority of A-share IPOs in recent years, the commission pledged further efforts to ensure equal treatment between State-owned and private enterprises in terms of market entry, information disclosure and continuous supervision.

As for expanding institutional capital market opening-up, the CSRC will work to establish a regular cooperative mechanism with its US counterpart on auditing supervision and optimize the trading calendar of the connect programs between mainland and Hong Kong bourses while expanding the scope of eligible securities.

The registration-based stock issuance reform will be deepened, with a focus on supporting key industrial chains, technological innovation and private enterprises, the commission said, adding that it will steadily promote the registration-based reform regarding mergers and acquisitions as well.