The China Securities Regulatory Commission (“CSRC”) promulgated the Regulatory Guidance on Application Documents of and Review Procedures for Overseas Offering and Listing of Joint-Stock Companies on December 20, 2012 to relax the criteria of overseas offering and listing for domestic enterprises. On January 28, 2013, the State Administration of Foreign Exchange (“SAFE”) released the Circular of the State Administration of Foreign Exchange on Issues Concerning Foreign Exchange Administration of Overseas Listings (Hui Fa [2013] No.5, “Circular 5”), which took effect on the same date. The Circular of the State Administration of Foreign Exchange and the China Securities Regulatory Commission on Issues Concerning Further Improving Foreign Exchange Administration of Overseas Listings (Hui Fa [2002] No. 77, “Circular 77”), the Circular of the State Administration of Foreign Exchange on Relevant Issues Regarding Improving Foreign Exchange Administration of Overseas Listings (Hui Fa [2003] No. 108, “Circular 108”), the Circular of the State Administration of Foreign Exchange on Issues Concerning Foreign Exchange Administration of Overseas Listings (Hui Fa [2005] No.6, “Circular 6”), and other relevant circulars1 previously established by SAFE were all abolished at the same time.
