An employee works at a manufacturing plant of Sany Heavy Industry Co. during a government-organised tour of manufacturers based in Changsha, Hunan province, China, October 19, 2019. REUTERS/Thomas Peter, China's biggest maker of engineering machinery, published a set of revised internal rules on Saturday in preparation for a Frankfurt listing - potentially the first there under a mechanism for cross-border listings and investment.
China last year expanded the Shanghai-London Stock Connect to include Switzerland and Germany, since when more than a score of Chinese companies have listed, or unveiled plans to list, on the Swiss stock exchange. Sany is the first China-listed company to pick Frankfurt under the scheme. Sany, which describes itself as the world's third-largest engineering machinery manufacturer, has now revised its shareholder and board discussion rules, as well as articles of incorporation, to meet regulatory requirements as it prepares to issue Global Depositary Receipts in Germany.
The company also published confidentiality and archive administration rules to meet China's national security requirements on offshore listings.
Chinese companies should be wary of listing and doing business in Europe and the US. anytime sanctions could come, remember what happened to Huawei.
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Listing of China’s companies is exposing their own citizens to Chinese fraud. It’s not going to be good. China’s companies are exposed to erratic, arbitrary and capricious official policy fluctuations. ft business China is centuries away from being a rule of law society.
I hope its not another paper words....
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