Draft rules issued to enable foreign firms to list in China

Beijing, China. Photo: Raj Eiamworakul/unsplash

China’s justice ministry on Friday published draft rules to allow foreign companies to list on the country’s stock exchanges, with the intention of implementing the changes on Jan. 1.

China has long been criticised for barring foreign firms from its capital markets, while Chinese companies debut across the world.

The planned reform has been unveiled ahead of a major import fair in Shanghai next week, that is aimed at showcasing the country’s free trade credentials.

The draft rules, published on the ministry’s website, would allow foreign companies to compete for government procurement projects on an equal footing and allow them to issue bonds.

They would also prohibit forced technology transfers and introduce punitive measures for such actions.

The U.S.-Sino trade war was in part sparked by U.S. allegations that China engages in forced technology transfers in return for market access.

The Ministry of Justice is seeking public opinion on the draft rules by Dec. 1, with the intention of bringing them into force on Jan.1.

Foreign firms can enjoy preferential tax treatment, among other benefits if they invest in certain industries, fields and regions, according to the rules.

Government departments should take into account the opinions of foreign firms and chambers of commerce when drafting laws that affect them.

Reuters

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.