ChinaFIG - Timeline or Schedule for Special Purpose Vehicle (SPV) Approval - Article 45, Order #10
ChinaFIG consultants provide guidance to organizations on China Investments and China policies related to Initial Public Offerings (IPOs) in the US and Hong Kong (HKSE).
Timeline or Schedule for Special Purpose Vehicle (SPV) Approval - Article 45, Order #10
The Ministry of Commerce will grant a principle authorization, after an initial review, if it agrees to the items provided as per Article 44. Once this principle authorization has been granted, the Chinese Company should submit an application for listing to the Securities Regulatory Commission under the State Council, and a positive or negative response will be provided within 20 business days.
If authorization is provided, the Chinese Company should submit an application to receive a formal Certificate of Approval from the Ministry of Commerce. The Ministry of Commerce will in-turn provide a Certificate of Approval noting that it is valid for one year from the Business License date.
In the case that there is a change in the SPV equity interests, in relation to an acquisition, the Chinese Company or individual owner of the SPV equity interests, with its endorsed Certificate of Approval, must contact the appropriate State Administration of Foreign Exchange to amend to registration of the Investment Abroad and contact the Ministry of Commerce to amend the registration of the Investment and Operation of Enterprises Abroad.