Hi everyone. I’m Stephanie LI.
大家好，我是主持人李莹亮。
Coming up on today’s program.
重点提要
-China published a new negative list to further clarify the regulations for domestic companies seeking to list overseas;
-China reports the highest number of daily COVID cases in 20 months.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
Chinese companies engaged in businesses that are barred from foreign investment can now file for offshore share sales as long as they win regulatory approval and cap foreign ownership, the country’s top economic planner said Monday.
The negative list, jointly issued by China’s National Development and Reform Commission (NDRC) and Ministry of Commerce, takes effect Saturday. It’s the 5th consecutive year that China cuts negative list for foreign companies.
The new rules now apply that list to companies issuing shares overseas for the first time and come as China is tightening scrutiny over offshore share sales.
Chinese companies in sectors prohibited for foreign investment "should get clearance from relevant Chinese regulatory bodies, if they seek share sales and list in overseas markets," the NDRC said, plugging a regulatory loophole.
In addition, "foreign investors must not participate in the operation and management of the companies" and their holdings are to be capped at 30 percent, in line with the rules regulating locally listed companies.
However, some analysts said that the new rules may put VIE structure companies to a less advantageous position. If a company is in a negative list that foreign investors are not allowed to invest in, the VIE structure is the same as non-VIE structure, but the former could face more policy risks.
The NDRC statement comes just days after China's securities regulator published draft rules requiring filings by companies seeking offshore listings to ensure they comply with Chinese laws and regulations. Under the new filing system, VIE-structured companies, a structure prevalently used by technologies firms seeking overseas capital, will still be allowed to list as long as they are compliant.
The CSRC also said China will also seek better regulatory cooperation with overseas counterparts in sharing information, cracking down on corporate financial fraud and other illegal activities.
为资本设置的“红绿灯”正式启动。
12月27日，国家发展改革委、商务部发布了《外商投资准入特别管理措施(负面清单)(2021年版)》和《自由贸易试验区外商投资准入特别管理措施(负面清单)(2021年版)》。国家发改委有关负责人介绍，2021年版外资准入负面清单进一步缩短了长度，完善了管理制度，提高了精准度。全国和自贸试验区负面清单进一步缩减至31条、27条，压减比例分别为6.1%、10%。
新条款为从事负面清单禁止投资领域业务的境内企业到境外上市提供了政策空间，是提高外资准入负面清单管理精准度、包容性的一项具体举措。同时，明确该类企业赴境外上市需要满足外资不参与企业经营管理和股比符合规定两个条件。负面清单禁止投资领域的境内企业，在境外IPO时允许境外投资者投资，要求不参与企业经营管理、股比不超过30%
该条款中“应当经国家有关主管部门审核同意”，系指审核同意境内企业赴境外上市不适用负面清单禁止性规定，而不是指审核境内企业赴境外上市的活动本身。国家支持企业依法合规选择国际国内两个市场进行融资，实现健康可持续发展。
不过，有分析人士称，这一新规可能让VIE架构公司失去一定的优势。最新的负面清单允许禁投领域的境内企业在境外上市时有境外投资者入股，就意味着VIE架构的政策规避优势仅存在于IPO前。在IPO时，如果一家公司属于负面清单中的外商禁止投资的领域，VIE架构与非VIE架构差别不大，但前者会面临更多的政策风险。
12月24日，中国证监会公布《国务院关于境内企业境外发行证券和上市的管理规定(草案征求意见稿)》和《境内企业境外发行证券和上市备案管理办法(征求意见稿)》，就境内企业境外发行证券和上市向社会公开征求意见。证监会明确，在遵守境内法律法规的前提下，满足合规要求的VIE架构企业备案后可以赴境外上市。
有业内人士认为，这意味着中国企业仍可以在合规操作情况下，通过VIE架构实现海外上市，预示着相关部门对VIE架构企业海外上市开了“绿灯”。
值得注意的是，《境外上市新规》还提出，中国证监会与美国证券交易委员会（SEC）等海外同行开展设立跨境合作机制。业内人士认为，这意味着中国相关部门将积极寻求与美国相关部门开展合作，解决中概股在美上市的审计底稿递交、会计监管、明确相关企业财务信息使用用途等问题。
Update on COVID-19
疫情简报
China reported 209 COVID-19 cases on Monday, with 182 domestic transmissions, the largest daily increases in almost 20 months. Among the national toll, 175 were reported in Xi'an, capital of Shaanxi Province. The total confirmed number of the latest outbreak in Xi'an has amounted to 810 as of the early hours of Tuesday.
Xi'an started a new round of nucleic acid testing on Monday and tightened its lockdown by requiring all of its residents to stay at home. Each family could send one person outside every two days to purchase daily necessities.
12月27日0至24时，全国新增本土病例182例（陕西180例，其中西安市175例、咸阳市3例、延安市2例；浙江1例，在绍兴市；云南1例，在昆明市）。从12月9日0时到12月27日24时，本轮西安全市累计报告本土确诊病例810例。西安市疫情防控指挥部宣布，12月27日中午12时起，启动全市新一轮全员核酸筛查。本轮筛查未出结果前，要求全体居民不出户、不聚集。西安新冠肺炎疫情处于暴发期，防控形势严峻复杂。
Next on industry and company news
产经消息及公司新闻
The Ministry of Industry and Information Technology and seven other departments released a plan on Tuesday for smart manufacturing during the 14th Five-Year Plan period. By 2025, most of the manufacturing enterprises above designated size will be digitalized, and backbone enterprises in key industries will be in the initial stages of applying AI. It expects that by 2035, major manufacturing enterprises will be fully digitized, and backbone enterprises in key industries will be basically intelligent.
“十四五”智能制造规划出炉：工业和信息化部等八部门28日联合印发了《“十四五”智能制造发展规划》，提出到2025年，规模以上制造业企业大部分实现数字化网络化，重点行业骨干企业初步应用智能化；到2035年，规模以上制造业企业全面普及数字化网络化，重点行业骨干企业基本实现智能化。
Chinese ride-hailing giant Didi Global has reportedly barred current and former employees from selling shares of the company indefinitely. The New York-list firm inched down to a historic low yesterday as the lock-up period for US shareholders ended. The market is looking at whether its early investors SoftBank and Uber will sell the shares - potentially for a loss - or wait months for more clarity on Didi's plans to list in Hong Kong.
滴滴延长员工股票禁售期：据报道，滴滴环球已无限期禁止现任和前任员工出售该公司的股票。滴滴股份27日股价跌逾5%至5.3美元创历史低。滴滴出行雇员与前期投资者的180天股份禁售期协议原定在27日届满，意味前期投资者如软银及腾讯等可自由在市场出售手持的股份。
Baidu is said to be downsizing its gaming and live-streaming businesses to save costs after the Chinese internet giant ran up huge losses in the third quarter. Almost all the 300-plus employees in Baidu’s gaming unit have been dismissed and 90 percent of those who work in the live-streaming department, media reported earlier.
百度被曝大规模裁员：近日，百度移动生态事业群(MEG)被曝裁员。游戏部门300多人几乎全部被裁，直播业务也被裁员90%，教育、MEG其他业务也有裁员的可能。直播和游戏业务裁员最直接的原因就是百度和YY直播之间的矛盾。
The streaming service provider LeTV’s stock held by founder Jia Yueting will be auctioned for the third time for a total of 12.5 million yuan next Wednesday. Jia’s 17.4 million shares, estimated at about 26 million yuan, will be put on sale for half the price.
贾跃亭乐视网股票半价拍卖：12月28日，阿里拍卖显示，贾跃亭持有的共计1739.8万股乐视网股票将于2022年1月5日在阿里拍卖平台进行二次拍卖，起拍价1252.65万元，此前均流拍。拍卖页面显示，上述股权的评估价合计2592.29万元。本次拍卖会已开启报名，但无人报名。
Switching gears to the financial sector
金融市场要闻
The central bank pledged greater support for the real economy and said it will make monetary policy more forward-looking, flexible and targeted. The PBOC said there will be more “proactive” use of monetary policy tools, and “good use” of their quantitative and structural functions. It also pledged to promote the real estate market’s healthy development, saying it will safeguard the legitimate rights and interests of homebuyers and better meet their reasonable housing needs.
央行加大实体经济支持：2022年中国人民银行工作会议于12月27日上午召开。会议指出，2022年，稳健的货币政策要灵活适度，保持流动性合理充裕，增强信贷总量增长的稳定性，加大对实体经济的支持力度，精准加大重点领域金融支持力度。要稳妥实施好房地产金融审慎管理制度，更好满足购房者合理住房需求，促进房地产业良性循环和健康发展。
China will scale up tax and fee cuts next year to support struggling businesses, after reducing an estimated 1 trillion yuan ($156.9 billion) worth of taxes and fees for the whole of 2021, the Ministry of Finance said on Monday. The ministry will step up policy support for hard-hit smaller businesses, grant rewards to demonstration areas utilizing inclusive finance, and support leading small and medium-sized enterprises in niche sectors.
预计今年新增减税降费1万亿：12月27日，全国财政工作视频会议在北京召开。财政部表示，预计2021全年新增减税降费达到1万亿元。2022年，财政部门要落实好积极的财政政策，积极推出有利于经济稳定的政策，政策发力适当靠前。同时，加强财政政策与货币、就业等政策协调联动，注重跨周期和逆周期调控有机结合，提升政策整体效能。
Wrapping up with a quick look at the stock market
最后来看股市收盘情况
Chinese stocks inched up on Tuesday with stocks of lithium recovery leading the gains, while stocks of electric utility and coal recorded losses. The Shanghai Composite gained 0.39 percent, and the Shenzhen Component closed 0.83 percent higher. The Hang Seng Index also rose 0.24 percent as Chinese medicine stocks gained.
周一A股走高，沪指收涨0.39%，深成指涨0.83%。板块分化较为明显，盐湖提锂概念股全线爆发，电力、煤炭板块集体下挫。港股恒生指数涨0.24%，中医药股全天强势
