Sep. 15, 2023
Four Chinese Firms Get Green Light for Overseas Listing
BEIJING, September 15 (TiPost) -- China Securities Regulatory Commission (CSRC) has approved four domestic companies’ applications to get listed on Nasdaq and the Hong Kong Stock Exchange. CheChe Group, founded in 2014, received over one billion yuan in venture capital from Tencent Investment and Chinese tech mogul Lei Jun’s Shunwei Capital. CheChe is China’s largest online auto insurance platform, with a nation-wide insurance sales license issued by the regulator. CheChe is the first VIE-structured company to receive a green light from the regulator after China's new registration rule for overseas IPOs was introduced. It is also the first Chinese company to get listed via special purpose acquisition company (SPAC), a shell company. CSRC received CheChe's listing application on June 26. CheChe Group had about 2.5 billion yuan in unaudited revenues in 2022 and reported 15.2 billion yuan in gross transaction premiums for online auto insurance policies, which was a 36% year-over-year increase. In CSRC’s comments on the application, CheChe Group was required to give more details on compliance under VIE and transactions between related parties, including but not limited to the time, amount, methods and pricing fairness of fund transfers to the domestic entity. The regulator also required CheChe to submit information on the collection, storage, use of its user information and the scale of users, whether any information was shared with a third party and whether specific measures are in place to protect personal information and safeguard data security. Haoxi Health Technology, an Internet marketing service provider which also plans to be listed on Nasdaq, Huashi Group, which intends to go public in Hong Kong, and Shanghai-headquartered Fenghua Qiushi Culture Media also got approvals on Thursday.
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