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China refreshes the regulation on archives administration in relation to overseas listings

Following the issuance of a new set of rules governing PRC companies listing or seeking listing overseas, the China Securities Regulatory Commission (CSRC), Ministry of Finance, National Administration of State Secrets Protection (NASSP) and National Archives Administration of China jointly issued on 24 February 2023 the revised Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies (Regulation 44 (2023)), which will supersede the 2009 version ((Regulation 29 (2009)) by the end of March 2023.

The previous Regulation 29 (2009) was one of the most important and early expressions of the PRC’s approach to data generated in connection with listings by Chinese companies amid the wave of overseas listings.  We are well versed in matters relating to overseas listings, and have particular expertise in respect of Regulation 29 (2009).  In the past decade we have helped several leading global accounting firms navigate the compliance requirements under Regulation 29 in both the overall strategic planning as well as some major projects concerning specific listed entities.

Written in collaboration with Allen & Overy LLP’s joint operation firm, Shanghai Lang Yue Law Firm.