China ‘negative list’ tightens grip on overseas IPOs by strategically sensitive firms

Beijing will step up the review of overseas fundraising activity by companies in certain industries that are off-limits to foreign investment.Such companies have used variable interest entity (VIE) structures over the past two decades to list abroad. VIEs typically allow overseas investors to share profits generated from businesses in China based on special arrangements, bypassing laws that otherwise ban investment by foreigners.Late on Monday, the National Development and Reform Commission …

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