CSRC rules impacting firms
24 August 2004
Shanghai BOE Technology Group was in talks to list its flat-panel display business on overseas markets this year but new rules recently announced by the China Securities Regulatory Commission (CSRC) may threaten the firm's overseas listing plan. The Shenzhen-listed group's share price dropped by the 10% daily limit after the regulations were announced. BOE acquired its flat screen unit from Hynix Semiconductor for US$380 million last year and the unit now accounts for more than 50% of BOE revenue. The new CSRC regulations specify that mainland listed companies cannot list units overseas if they account for more than half of the parent company's total earnings.