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Lawyers have suggested foreigners intending to invest in china should pump funds directly into domestic companies.
Opponents say the impact of the two notices will be particularly large for Chinese companies with “detour” initial public offering plans.
As almost all the companies taking this route to overseas bourses use investment from international venture capital, opponents say the new rules threaten to block an important path for venture capitalists interested in Chinese companies.
Before the notices were promulgated , there had been no regulations targeting detour-listing schemes . Many Chinese IT companies have gone public in this way on the NASDAQ.
A key reason many Chinese companies opted to take the indirect route to list their assets overseas is they used to be able to more easily circumvent approval procedures than by using the orthodox route to listing their shares on international stock exchanges.
In addition , the founding shareholders of State-controlled companies are not allowed to sell their shares within a set period of time.
But the requirement does not apply to the indirect route .This meets the needs of venture capital, within always seeks a quick exit.
Venture capitalists would fund a company with potential to be accepted by the equity market , eying quick profits from the premium of the stocks.
With the promulgation of the two notices, this way of making money may no longer be possible.
In fact , companies using an indirect listing plan have halted their work because they are not sure whether M&A plans will be approved under the new requirements.
Most such companies are owned by private citizens . Lawyers suggest the best way for owners to avoid being affected by the new requirements is to give up their Chinese citizenship.
Sources close to the SAFE say the administration is working on a document that will answer questions concerned parties have raised.
There have been calls for companies that launched their overseas IPO programmes before the two circulars were issued to be exempted from the new requirements.