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据投资银行家称，中国证监会已经为希望在中国大陆以外地区上市的公司发布了新的规则，这些公司通常需要获得国内各政府机构的多项批准，从而导致潜在的漫长审批过程。
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虽然在中国政府的监管打击下，中国企业在美国的上市速度放缓，新规则提供了清晰度，但现在有更多的监管障碍需要公司跳过，这可能使中国企业不太可能在纽约寻求IPO。
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以前，监管要求很低，但根据新规则，希望在美国或香港等市场上市的公司将需要向中国证监会备案，并获得其他相关监管机构的批准，如国家发展和改革委员会和中国网络空间管理局。
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更多的政府机构将参与审批希望通过流行的VIE途径筹集资金的申请人，这导致审批的不确定性增加，因为一些机构可能有不同的优先事项，如国家安全或数据保护。
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纽约曾是中国公司有利可图的上市地点，但在2021年中期的监管反弹之后，这种情况几乎停滞不前，去年中国公司在美国上市的价值不到2.3亿美元，比2021年的129亿美元大幅下降。
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然而，据一些顾问说，这些指导方针是明确的，比2021年中期以来的监管不确定性要好，因为公司会遵守额外的负担，因为中国监管机构在上市资格方面有相对明确的指导。
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New rules have been issued by China’s Securities Regulatory Commission for companies looking to list outside mainland China, which will often require several approvals from various domestic government agencies, leading to potentially lengthy approval processes, according to investment bankers.
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While the new rules provide clarity after the regulatory crackdown by Beijing that slowed US listings by Chinese firms to a trickle, there are now more regulatory hoops for companies to jump through, which may make it unlikely for Chinese firms to seek IPOs in New York.
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Previously, regulatory requirements were minimal, but under the new rules, firms wanting to list in markets such as the United States or Hong Kong will need to file with the CSRC and gain approval from other relevant regulators, such as the National Development and Reform Commission and the Cyberspace Administration of China.
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More government authorities will be involved in approving applicants looking to raise capital via the popular VIE route, leading to more uncertainty around approval as some agencies could have different priorities, such as national security or data protection.
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New York was a lucrative listing venue for Chinese firms, but that all but ground to a standstill after the regulatory backlash in mid-2021, and last year US listings of Chinese firms were worth less than $230m, a massive drop from $12.9bn in 2021.
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The guidelines, however, are clear and preferable to the regulatory uncertainty that has prevailed since mid-2021, according to some advisers, as companies will comply with the extra burden since there is relatively clear guidance from Chinese regulators in terms of the qualifications to be listed.
链接：China's new rules for offshore listings spark concern about lengthy approval process | Reuters