2023年2月17日，中国证监会正式发布《境内企业境外发行证券和上市管理试行办法》和5项配套指引，将于2023年3月31日起正式实施。
　　此办法旨在推动境内企业境外上市的全面监管。此前对于红筹公司在境外上市，境内监管机构未能实施全面有效的监管。2021年底，证监会曾对境内企业境外上市备案制发布征求意见稿，此次试行办法等文件核心内容相较征求意见稿变动不大。
　　境内企业境外发行证券和上市正式迈入统一的备案制监管新时代。主要内容包括：
　　1）明确间接上市标准，统一管理直接和间接境外发行。境内公司境外间接上市（红筹公司，包括VIE）与境内公司境外直接上市（H股上市）均纳入证监会监管，实行备案制，取消原先H股上市的行政许可制度。境内企业间接境外上市，是指主要经营活动在境内，但以在境外注册成立的企业名义在境外上市的企业。该判断依据两个标准：最近一个会计年度的营业收入、利润总额、总资产或者净资产，任一指标占发行人同期经审计合并财务报表相关数据的比例超过50%；且经营活动的主要环节在境内开展或者主要场所位于境内，或高级管理人员多数为中国公民或者经常居于境内。
　　2）完善负面清单制度。对于法律法规禁止上市融资、境外上市可能危害国家安全、企业存在违法犯罪行为、股权存在重大权属纠纷等情形，禁止境外发行上市。
　　3）明确备案时间及程序。涉及安全审查的企业应在提交境外上市申请前履行相关安全审查程序；企业在提交境外发行上市申请材料后3个工作日内向中国证监会提交备案申请。备案材料完整的，提交后20个工作日可以完成备案。
　　4）设置新老划分，明确存量企业标准。已在境外上市，或已获境外监管机构同意且会在6个月内完成境外发行上市的企业视为存量企业。存量企业不要求立即备案，后续如涉及再融资等备案事项时应按要求备案。
　　境外上市监管制度得以完善，海外收入占比高的头部投行将受益。新规扩大了受监管主体的范围，或令企业海外上市速度有所减慢，但新规明确了各项规则细节，降低了境内企业境外上市政策的不确定性，有助于境内企业境外上市活动的长期健康持续发展。我们认为投行能力强、海外收入占比高的券商将受益。我们推荐中信证券(06030 HK)和中金公司(03908 HK)。
　　
　　

研究报告全文：股票Research研究EquityFlashTableBasicInfoNoteNon-BankFinanceSectorFrancoLi李炜快讯非银金融行业85225097204francoligtjascomhk24February2023TableMainInfoFiling-BasedSupervisionofOverseasListingToBenefitTopInvestmentBanksWithStrongGlobalOperations快Note境外上市备案制利好国际化程度高的头部投行讯OnFebruary172023theChinaSecuritiesRegulatoryCommissionCSRCofficiallyreleasedtheTrialFlashImplementationofOverseasSecuritiesIssuanceandListingofDomesticEnterprisesand5supportingguidelineswhichwillbeofficiallyimplementedonMarch312023ThismeasureaimstoimprovethecomprehensivesupervisionofoverseaslistingofdomesticenterprisesPreviouslyCSRCfailedtocomprehensivelyandeffectivelysuperviseoverseaslistingsofred-chipcompaniesAttheendof2021CSRCissuedrelevantconsultingpapersonthefilingsystemforoverseaslistingofdomesticenterprisesComparedwiththeconsultingpapersthereislittlechangeinthecorecontentofthistrialimplementationTheoverseassecuritiesissuanceandlistingofdomesticenterpriseshasofficiallyenteredaneweraofcomprehensivefiling-basedsupervisionThemaincontentsinclude证告1Clarifyingthestandardsforindirectlistingandimplementingtheunifiedmanagementofdirectand券indirectoverseasissuanceTheoverseasindirectlistingofdomesticenterprisesred-chipcompaniesincluding研报VIEsandtheoverseasdirectlistingofdomesticenterprisesH-sharelistingarebothunderthefiling-based究究supervisionofCSRCandtheoriginaladministrativelicensingsystemforH-sharelistinghasbeencancelledResearchReport报研IndirectoverseaslistingofdomesticenterprisesreferstoenterpriseswhosemainbusinessactivitiesareinChina告butarelistedoverseasinthenameofenterprisesincorporatedoverseasSuchjudgementisbasedon2criteria券EquityAnyoneoftheoperatingincometotalprofittotalassetsornetassetsofthemostrecentfiscalyearhasaccounted证formorethan50oftherelevantnumbersintheissuersauditedconsolidatedfinancialstatementsforthesameperiodwhilemainbusinessactivitiesareinChinaormostofitsseniormanagersareChinesecitizensoroftenliveinChina2ImprovingtherestrictedlistsIncaseswherelawsandregulationsprohibitlistingandfinancingoverseaslistingmayendangernationalsecurityenterpriseshaveillegalandcriminalactivitiesandtherearemajordisputesTovertheownershipofequityoverseasissuanceandlistingareprohibiteda3ClarifyingthefilingtimeandproceduresEnterprisesinvolvedinsafetyreviewshouldcompleterelevantb非safetyreviewproceduresbeforesubmittingoverseaslistingapplicationsenterprisesshouldsubmitthefiling银ldocumentstoCSRCwithin3workingdaysaftersubmittingtheapplicationmaterialsforoverseaslistingIfthefiling金ematerialsarecompletethefilingprocedurewillbefinishedwithin20workingdaysaftersubmission融行4DifferentiatingtherulesfornewlistingandexistinglistedenterprisesandclarifyingthestandardsforLexistinglistedenterprisesEnterprisesthathavebeenlistedoverseasorhavebeenapprovedbyoverseas业SectorBankFinance-eregulatorsandwillcompleteoverseaslistingwithin6monthsareregardedasexistinglistedenterprisesExistingNonlistedenterprisesarenotrequiredtofileimmediatelybuttheyshouldfileasrequiredifsubsequentfilingmattersfsuchasrefinancingareinvolvedtMOverseaslistingsupervisionsystemisimprovedbenefitingtopinvestmentbankswithhighproportionofoverseasrevenueThenewregulationexpandsthescopeofregulatedentitieswhichmaylowerthespeedofaoverseaslistingofenterprisesbutthedetailsofvariousruleshavebeenclarifiedreducingtheuncertaintyofroverseaslistingpoliciesofdomesticenterpriseswhichisconducivetothelong-termhealthyandsustainablegdevelopmentofoverseaslistingactivitiesofdomesticenterprisesWebelievethatsecuritiesfirmswithstrongiinvestmentbankingcapabilitiesandhighproportionofoverseasrevenuewillbenefitWerecommendCITIC06030HKandCICC03908HKnSeethelastpagefordisclaimerPage1of3Seethelastpagefo和中金公司市市速度有所境外市的企业视为存量企业存量企业不要求立即备案后续如涉及再融资等备案事项时应按要求备案4案发行上市申请材料后3存在重大权属纠纷等情形禁止境外发行上市2经常居于境内的比例超过近一个会计年度的营业收入利润总额总资产或者净资产任一指标占发行人同期经审计合并财务报表相关数据外上市是指主要经营活动在境内但以在境外注册成立的企业名义在境外上市的企业境外直接上市1境内企业境外发行见稿监管此办法旨在年2023rdisclaimer活动3明确间接上市标准设明确备案完善负面清单制度变动不大上市月年置新老2021的长期健康持续发展我们认为投行能力强312监管制度月日起正式实施减慢推动50年底证监会曾03908HK03908划分时间及17H但境内企业境外日明确存量企业标准股上市得以完善证券和且程序中国新规经营活动的主要环节在境内开展或者主要场所位于境内或高级管理人员多数为中国公民或者3个工作日内向中国证监会提交备案申请备案材料完整的提交后统一证监会正式发布境内企业境外发行证券和上市管理试行办法对于法律法规禁止上市融资境外上市可能危害国家安全企业存在违法犯罪行为股权明确了各项规则细节降低了境内企业境外上市政策的不确定性有助于境内企业境外上市正式迈入统一的备案制涉及安全审查的企业应在提交境外上市申请前履行相关安全审查程序均对管理纳入证监会监管海外收入占比上市境内直接和间接境外发行的全面监管企业P境外已在境外上市或已获境外监管机构同意且高的上市实行备案制头部此前对于红筹公司备案制海外收入占比投行将受益监管发布境内公司境外间接上市新时代取消原先征求意见稿新规扩大了高在境外上市主要内容包括TablePageHeader的券商将H此次股上市的行政许可制度受试行境内监管机构未能实施全面有效的受监管主体红筹公司包括益我们办法会在和等文件推荐中信证券该判断依据的6520项配套指引个月内完成境外发行上范围Non核心内容个工作日可以完成备或-VakiacSectorFinanceBank企业在提交境外境内企业间接境IE两令个标准与境内公司相较征求意企业海外上0603006030HK将于2023PagePage上最2ofof3n2argiMbleTa1nigraMelbaTFlashNoteNon-BankFinanceSector非银金融行业24February2023SeeWebsitewwwgtjacomhkTel852250927FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongResearchThisReportnotisdirectedorintendedatdistributionfortoorbyanyusepersonorentitywhoaiscitizenorThougheffortbestbeenhasensuremadetoaccuracytheoftheinformationanddatacontainedthisinResearchReportGuotaiAnyopinionsexpressedidReportResearchThisDISCLAIMERsubjectGuotaiJunanandapplicablgroupitscompanies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