Summary Beijing-Washington Agreement reduces the US risk Analysts are waiting for the return of the ambition of freezing virtual public offering The scope of new rules is narrower than the previous draft. Beijing, February 17 - China's securities observer on Friday issued rules to organize open sea lists, and after a regulatory freezing implemented in July 2021, the Chinese companies portrayed the first public offering . The trial rules published by the Chinese Securities Regulatory Commission and which are valid as of March 31 are designed to guide companies that wish to access liquid capital markets. This includes Beijing and Washington's long -standing control disagreements in December, after reducing the risk of listing the US for Chinese companies in the United States. "The list of offshore is an important component of the opening of capital markets of China," CSRC said in a statement.Said. The rules showed that China followed the "direction of opening" despite the increasing uncertainty in the world, and that companies can freely choose the list as long as they comply with the law. CSRC will examine the CSRC open sea lists under the new filing system, which effectively terminates the irregular overseas public offering by Chinese companies for decades. "I believe that Chinese companies are still inclined to list abroad with more clear directives and less uncertainties, Daniel Tu, the founder of active creation capital," although there are geopolitical concerns, "Daniel Tu said. The law firm Wilson Sonsini's senior partner Weihang Chen said that CSRC and other relevant regulators have the "final network power" and can stop overseas lists against national or public interests. Didi and a big decline in the US lists According to Refinitive data, Chinese companies collected about $ 230 million in the US charts in 2022. China Open Sea Lists stopped after the New York list on 30 June 2021, Trigger Didi Global Inc, which triggered Beijing's regulatory response to data security concerns. Listed in June last year. China's technology pressure contributed to a close ice cream on the overseas lists of Chinese companies. However, the decision to leave overseas lists, with the decrease in the US risk, hoped that sellers would revive Chinese companies in big markets such as New York. On December 15, the US accounting pursuit, for the first time to examine and investigate companies in China, and approximately 200 Chinese companies opposed the risk of being expelled from US stock exchanges. CSRC said on Friday, companies in sensitive sectors should be subject to data safety reviews or get permission from the relevant authorities before applying for foreign lists. He also said that he would strengthen his cooperation with overseas regulators to destroy the wrong behaviors such as accounting and book cooking. Fast structure New rules give CSRC supervision of open sea lists to Chinese companies with variable interest assets structures. Most Chinese technology companies, listed abroad, such as VIE, Alibaba and, are adopted to skirt to skirt for China's restrictions on foreign investments in certain sectors. In a statement on Friday, CSRC said that VIE will allow the applications of the VIE structured companies that comply with the rules, and that companies would support capital increase both at home and abroad. Winston Ma, who is an assistant professor at NYU Law Faculty, told Reuters that he would look for the views of the "Relevant Audit Agencies" of the securities regulator, at least one handful of Chinese authority - in addition to CSRC - VIE lists have become relevant to organize the lists. The list includes the Chinese Ministry of Finance and the Data Intensive Industry Cyber intermediate administration regulator. According to the CSRC, one of the most important changes in a draft rule December 2021 is that the latest version describes indirect overseas list criteria to prevent excessive examination. The new rule is only when an exporter has more than 50% of the income, profit and existence of an exporter, and at the same time the main place of the work is in China and the majority of the administration is subject to the List of Listing. The scope is smaller than foreseen in the previous draft. Scott Murdoch, Samuel Shen, Selena Li, Kane Wu, Ella Cao and Liz Lee's reports; Bansari Kamdar's additional reporting; Our standards: Thomson Reuters Trust Principles.