Chinese companies are finding it challenging to get timely regulatory approvals for overseas share offerings as scrutiny of their proposals has intensified under new listing rules, frustrating potential issuers and investment bankers.
Since the launch of the overhauled listing regime on March 31, not a single Chinese firm has gone through the process and successfully listed in their favoured destinations of Hong Kong or the U.S., publicly available data showed.
The Chinese securities regulator has accepted offshore listing filings from 14 companies as of June 15, and is awaiting additional documents from 38 other firms for their filings to be accepted, public disclosures showed.Only two firms - self-driving technology firm iMotion Automotive Technology and food company Shiyue Daotian Group, have successfully completed their listing filings with the securities regulator to float shares in Hong Kong, showed the disclosures.
JD.com was hoping to list at least one of the units by mid-year, said one of the people. The earliest the IPOs can happen now is the third quarter, given the pending approvals, the sources said.JD.com did not respond to a request for comment.The new listing regime requires CSRC to respond within 20 working days upon accepting an issuer's listing filing.
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