China has revised and issued new accounting standards, bringing the country's financial reporting system for listed companies in line with international practices.
Issued: April 13 2006Effective: May 1 2006Main contents: The Circular consists of three parts:1. Abolition of Advance Examination and Approval of the Opening…
New restrictions are in place on share offering, price floor and private placements in particular for foreign strategic investors. A new three-stage application process is introduced.
Issued: April 17 2006Effective: as of date of issueInterpreting authorities: People's Bank of China and China Banking Regulatory CommissionMain contents:…
Promulgated: May 17 2006Effective: May 18 2006Main contents: The Measures comprise:Part One: General ProvisionsPart Two: Offering ConditionsPart Three:…
Service-related foreign exchange payment procedures are simplified. Domestic entities and domestic individuals benefit from procedure simplification for contracts below US$5,000 and an increased foreign exchange purchase limits to US$20,000.
The Circular drops the previous acquisition deposit requirement but adds a repatriation requirement where approval procedures are not completed within six months.