The Cyberspace Administration of China (CAC) and the China Securities Regulatory Commission (CSRC) have jointly issued the Guiding Opinions on Facilitating the Services of the Capital Markets for Building a Strong Cyber Power (Opinion) on 13 April 2018.
The Opinion requires cyber enterprises with strong independent innovation capabilities to be helped to undertake IPOs and refinancing on the main board, the SMEs board, and the ChiNext. SMEs are encouraged to list on the National Equities Exchange and Quotations. Other small or micro enterprises are encouraged to list on regional equity markets. Other financing channels may also be broadened to facilitate eligible enterprises to issue corporate and convertible bonds.
The Opinion also encourages cyber enterprises to use mergers and acquisitions to boost technological innovation. The Chinese government may provide financial support to these cyber enterprises via various governmental investment funds and PEs.
Please click here to read the full text (Chinese only) of the Opinion.