After consultation with the CSRC of the two places, A-share listed companies also need to issue shares to Hong Kong investors through Shanghai-Hong Kong Stock Connect and follow the following procedures:
First, submit the application materials. A-share listed companies submit application materials for rights issue to China Securities Regulatory Commission, and at the same time submit application materials to Hong Kong Securities Regulatory Commission by arbitrage. The Hong Kong Securities Regulatory Commission will complete the review process within 5 working days after receiving the application materials and issue a "consent in principle" to the A-share listed companies. "Cover" refers to making a cover containing the specified content for the submitted materials.
Second, the China Securities Regulatory Commission made a decision on whether to approve the rights issue and issued an approval. Before the approval is issued, if the application materials of A-share listed companies are significantly revised, they shall promptly notify the Hong Kong Securities Regulatory Commission to submit the revised application materials.
Third, roadshows and determination of the issue price. A-share listed companies will conduct roadshows after obtaining the approval from China Securities Regulatory Commission to determine the issue price.
The fourth is to raise funds. After determining the issue price, A-share listed companies submit relevant materials and an "application letter" for approval of registration to the Hong Kong Securities Regulatory Commission, and the Hong Kong Securities Regulatory Commission will issue a "certificate" for approval of registration to the Hong Kong Companies Registry accordingly. A-share listed companies are registered in the Hong Kong Companies Registry with the Certificate and related materials, and go through the relevant procedures for subsequent fund-raising.
Expanding Information When dealing with the rights issue under the Shanghai-Hong Kong Stock Connect, the CSRC of the two places will follow three principles, namely, equality, mutual supervision and trust, and not bringing significant additional burden to listed companies.
When the other listed company issues shares to local investors, the contents, methods and procedures of supervision in the two places are basically the same or equivalent, and the listed company continues to abide by the regulatory provisions and business rules of the listed place. If the listed company of the other side issues shares to local investors, the CSRC of the two places mainly relies on the territorial management of the other side, and only conducts formal supervision according to law.
The requirements of the CSRC of the two places for listed companies to submit application materials for rights issue are basically the same. Hong Kong Securities Regulatory Commission will exempt A-share listed companies from paying the authorization fee (HK$ 654.38+05,000), but A-share listed companies still need to pay the registration fee (HK$ 654.38+0465.438+05) to the Hong Kong Companies Registry.
The CSRC of the two places will further improve the relevant regulatory arrangements according to the practice of rights issue of listed companies under Shanghai-Hong Kong Stock Connect.
People's Daily Online-Shanghai-Hong Kong Stock Connect listed companies have clear requirements for rights issue supervision.