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In order to implement the Provisions on the Supervision and Administration of Depository Receipts under the Stock Connect Scheme between Domestic and Overseas Stock Exchanges released by China Securities Regulatory Commission (CSRC), Shenzhen Stock Exchange (SZSE) officially issued 3 supporting rules on March 25, 2022, namely, the Interim Measures for the Listing and Trading of Depository Receipts under the Stock Connect Scheme between Shenzhen Stock Exchange and Overseas Stock Exchanges, the Guidelines No.1 for Depository Receipts under the Stock Connect Scheme of Shenzhen Stock Exchange: Cross-Border Conversion of Depository Receipts, and the Guidelines No.2 for Depository Receipts under the Stock Connect Scheme of Shenzhen Stock Exchange: Market Making for Chinese Depository Receipts.
From December 24, 2021 to January 16, 2022, SZSE solicited public opinions on the relevant supporting rules. During the consultation period, market entities including depositories, custodians and securities companies provided opinions and suggestions on strengthening investor protection, as well as optimizing the processes and mechanisms related to issuance, trading and cross-border conversion, etc. After careful study and discussion, SZSE adopted feasible suggestions and further revised and refined relevant rules. SZSE will continue to formulate and issue pertinent implementation rules following the above-mentioned supporting rules.
According to the unified arrangement of the CSRC, SZSE will meticulously prepare for the follow-up work including readiness of implementation rules, technical systems reconfiguration and market services. SZSE, by supporting the application of qualified listed companies on the Main Board and ChiNext Market of SZSE to issue global depository receipts on markets of United Kingdom, Switzerland and Germany, and qualified listed companies from the above markets to issue fund-raising Chinese depository receipts on SZSE, helps to broaden domestic and foreign two-way financing channels for enterprises in an orderly fashion, solidly advance the institutional opening-up of the capital market at higher level, actively serve to build a new development paradigm, and promote the high-quality development of the real economy.
