New rules laying out how Chinese companies can list outside mainland China will often mean getting a nod from several domestic government agencies, potentially making for a lengthy approval process, investment bankers say.
Other agencies that could get involved in the VIE approval process include the National Development and Reform Commission, which supervises foreign ownership in Chinese companies, the Cyberspace Administration of China and industry-specific regulators, said Ma.
That all but ground to a standstill after mid-2021 when ride-hailing company Didi Global pressed on with an IPO despite being urged by Chinese authorities to put the deal on hold, prompting a regulatory backlash and Didi toLast year, U.S. listings of Chinese firms were worth less than $230 million, according to Refinitiv data, a massive drop from $12.9 billion in 2021.
Wilson Yu, a private equity investor in a startup working on software for intelligent driving, said the startup is now seeking a domestic listing instead of New York which had been under consideration earlier. Despite the prospect of more red tape, however, some advisers note that the guidelines are clear and are preferable to the regulatory uncertainty that has prevailed since mid-2021.
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