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ICBC Reportedly Completes 1st HK-listed Firm's RMB Repatriation Deal After New Policy Implementation
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ICBC (01398.HK) said that, recently, through the collaboration of its overseas subsidiary, ICBC Asia, with its Shanghai branch, ICBC handled proceeds conversion for a listed semiconductor company, repatriating the funds back to an onshore RMB account in RMB terms, according to Shanghai Securities News. This marks the first RMB repatriation transaction for a Hong Kong-listed company since the Notice on Issues Concerning the Management of Funds for Overseas Listings of Domestic Enterprises, jointly issued by the People's Bank of China (PBOC) and the State Administrative of Foreign Exchange (SAFE), officially came into effect in April, further facilitating highly efficient financing for domestic enterprises in overseas financial markets. It is understood that the relevant policy delegates registration authority related to overseas listings of enterprises to banks, thereby shortening the business process chain for overseas listings and improving processing efficiency. Auto-translated by AI AASTOCKS Financial News |
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