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by Jing Leng; trans., by Yan Pan

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Jing Leng; trans., by Yan Pan SHOULD CHINA CONCEPT STOCKS BE IDENTIFIED AS “CHINESE” OR “FOREIGN”? SUMMER & FALL 2022 Int’l J. L. Ethics Tech. 2 (2022).

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Author Information: Jing Leng, International School of Law and Finance, East China University of Political Science and Law & Executive Director of Institute of Securities Law of China Law Society; Yan Pan, KoGuan School of Law, Shanghai Jiao Tong University.

Abstract: Didi Global kept a low profile to get listed in the United States, but after a successful IPO on the New York Stock Exchange, it encountered a series of stringent regulatory sanctions in subsequent times, involving the regulatory concerns of cyber security and protection of personal information, etc. Then Didi Global announced its delisting from the United States and was considering listing on the Hong Kong Stock Exchange. The Didi Debacle reveals the trend that Chinese enterprises in specific industries and sectors, especially in those are defined as Key Information Infrastructures, are facing more and more stringent domestic compliance requirements. This trend, coupled with the regulatory movement of the United States starting to enforce the Holding Foreign Companies Accountable Act, increases the risks and uncertainties in offshore financing for China-Dimension Stocks. This article takes the Didi Debacle for example, reveals that the regulatory outlook and prospects for China-Dimension Stocks’ overseas listings in the United States are undergoing drastic changes, and explains the reasons.
Keywords: China-Dimension Stocks, Didi, key information infrastructures, overseas listing, Holding Foreign Companies Accountable Act

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Attribution 4.0 International (CC BY 4.0)

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