中资公司海外直接上市有望迎来政策利好

    有迹象表明，中国公司赴海外首发上市的监管问题可能很快就会迎来突破。

    新加坡证券交易所（SGX）和中国证监会（CSRC）已经达成协议，允许中国公司直接在新加坡上市，而不必通过海外控股公司。虽然在海外上市的中国公司总计已经有几百家，但往往只有大型国企才能获准直接上市。其他公司都要通过海外实体来绕过中国政府的监管，这个海外实体通常是设在开曼群岛的控股公司。这样的结构带来的是监管方面的混乱：因为这些实体不是中国公司，中国政府不会对其实施监管；而外国政府也无法进行监管，原因是中国政府不让外国监管机构接触在中国的人员和报表。

    现在，只要获得CSRC和SGX的批准，中国公司就可以直接在新加坡上市。不过，这项协议并没有涉及可变利益实体（VIE）问题。以前，采用VIE结构是为了规避中国在某些行业对外商投资的限制。

    和新加坡或香港相比，大多数中国私营企业更愿意在美国上市。同时也有迹象表明，中美监管机构之间的僵局可能得到最终的解决。

    2011年，多元印刷公司（Duoyuan Printing, Inc.）因涉嫌制造虚假信息从纽约证券交易所（NYSE）退市。这家公司从此销声匿迹，不再按要求向美国证监会（SEC）提交报告。SEC启动了注销该公司资格的程序，但无法将相关启动令传达给多元印刷。11月15日，SEC向行政初审法官提出延期申请，同时继续尝试传达这项启动令。SEC国际事务办公室称，此事可能会耗时一年左右。与四大会计师事务所诉讼案有关的文件显示，SEC似乎已经放弃了和中方合作的念头。不过，此事有可能重新回到正轨。

    2012年，SEC对四大事务所和德豪国际（BDO）的中国分支机构提起诉讼，理由是后者拒绝按照美国法律的要求向SEC提交审计工作底稿。2013年7月，法院就此举行了听证会，随后各方一直步调缓慢。原因是直到听证会召开前夕，中国方面才不情不愿地交出了东南融通（Longtop Financial Technologies）的审计工作底稿。2013年11月21日，这几家事务所表示，有证据表明此前几个月中它们就已经转交了更多的审计工作底稿，同时要求将这项内容添加到听证记录之中。在其他事务所的支持下，德勤（Deloitte）要求法院作出即决判决，理由是SEC已经拿到了它所要求的审计工作底稿。德勤还提出，如果不能做出这样的判决，就会申请将此案延期。

    法官拒绝立即做出裁决，也不同意将此案延期。我预计，法官将裁定这些事务所未能按要求提供审计工作底稿的行为有罪。但我同时认为，这些事务所不会因此遭到重罚——它们只会被“打手心”，而且在可预见的时间里它们还会就此提起上诉。资本市场面临的风险则将消失。

    虽然美国上市公司会计监管委员会（PCAOB）已经和中方在共享涉案审计工作底稿方面达成了一致，但中方仍不同意这个机构就此展开调查，而进行调查是PCAOB最重要的职能。PCAOB主席詹姆斯•多蒂已经表示，PCAOB不能一直等待中方就此作出决定。有迹象表明，在这个问题上有可能实现突破。《华尔街日报》（Wall Street Journal）报道，中国监管机构负责人已在本周抵达华盛顿，将就PCAOB开展调查以及其他审计监管问题和美方进行探讨。

    There are signs that there may soon be a regulatory breakthrough on overseas IPOs of Chinese companies.

    The Singapore Exchange (SGX) and the China Securities Regulatory Commission (CSRC) reached a deal to allow Chinese companies to list directly in Singapore, that is, without using an offshore holding company. While there are hundreds of Chinese companies that have listed overseas, only large SOEs tended to get the necessary permission to list directly. The rest used offshore structures, typically with a Cayman Island holding company, to get around Chinese regulations. The offshore structures contributed to the regulatory mess that ensued, where Chinese regulators did not regulate the companies because they were not Chinese, and foreign regulators could not regulate them because China would not let them have access to the people and records in China.

    Now Chinese companies can directly list in Singapore after their applications are approved by both CSRC and SGX. The agreement, however, does not deal with the troublesome variable interest entity (VIE) structure that is used to circumvent Chinese rules restricting foreign investment in certain sectors.

    Most private Chinese companies prefer to list in the United States to Singapore and Hong Kong. There are some clues that suggest that the standoff between U.S. and Chinese regulators may be ending.

    Duoyuan Printing, Inc. (Duoyuan Printing) was delisted from the NYSE in 2011 after the company crumbled under fraud allegations. Duoyuan Printing went dark – ceasing to file required reports with the SEC. The SEC began the process of deregistering the company but was unable to serve a complaint. On November 15, the SEC asked an administrative trial judge for a delay while they attempted to serve Duoyuan Printing. The SEC’s Office of International Affairs indicated it might take up to a year to do so. Based on filings in the Big Four cases, it appeared that the SEC had given up on cooperation with China. But perhaps things are back on track again.

    The SEC filed charges in 2012 against the Big Four and BDO in China over their refusal to provide audit working papers to the SEC as required by U.S. law. A hearing took place in July 2013 and the parties have been slow walking the case. That is because just before the hearing the CSRC coughed up the working papers on Longtop Financial Technologies. On November 21, 2013 the firms asked to be able to supplement the hearing record with evidence that more working papers had been turned over in the past few months. Deloitte, with the support of the other firms, filed for summary disposition on the basis that the SEC now had the requested working papers. If it didn’t get its way, Deloitte asked that the case be postponed.

    The judge refused to dismiss the case or postpone his decision. I expect that the judge will find the firms guilty of not turning over the work papers when they were supposed to, but I also do not believe the firms will get the death penalty for that. So the firms will get a slap on the wrist that they will probably continue to fight for the foreseeable future, but the risk to the capital markets will be gone.

    Although the PCAOB reached a deal to share working papers in connection with investigations, it remains banned from inspections, which are its most important function. PCAOB Chairman James Doty has indicated that the PCAOB cannot wait forever for a deal on inspections. There are signs of a breakthrough. The Wall Street Journal reports that Chinese regulators are in Washington this week for discussions on inspections and other audit-oversight issues.