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I. Business Overview
According to the Guidelines on Launching Pilot Programs for Innovative Enterprises to Issue Stocks or Depository Receipts in China issued by the CSRC in 2018, red-chip innovative enterprises that are in line with the national strategy, master the core technology, have a high recognition in the market, belong to the high-tech and strategic emerging industries such as the Internet, big data, cloud computing, artificial intelligence, software and integrated circuits, high-end equipment manufacturing, and biopharmaceuticals, and have reached a considerable scale, do not need to revamp the original red-chip structure, and are allowed to list and raise funds by issuing depository receipts in China.
In 2022, the CSRC released the Regulations on the Supervision of the Depository Receipt Business for the Interconnection of Domestic and Overseas Stock Exchanges, which allows eligible issuers of overseas underlying securities listed on overseas stock exchanges to issue depositary receipts in China and list them on the main board of domestic stock exchanges.
Depositary receipts, as referred to in the Regulations, refer to the securities issued by a depositary on behalf of the rights and interests of overseas underlying securities in domestic markets based on overseas securities.
II. Target Customers
Companies intent on issuing Chinese depositary receipts on domestic exchanges.
III. Scope of Services
(1)Account opening: Open a special account for depository business, a special account for securities of unrecognized holders, and other related accounts;
(2)System connection: Assist by China Settlement and Exchange Network Voting and other systems in completing user applications and testing;
(3)Safekeeping of underlying assets: Safekeep the underlying assets of depository receipts and facilitate the delivery of overseas underlying securities;
(4)Issuance: Assist in the issuance of depositary receipts and complete the issuance and listing of the receipts;
(5)Regulatory communication: Assist customers in regulatory communication on special matters;
(6)Foreign exchange conversion: Currency conversion, and foreign exchange settlement and sales;
(7)Register maintenance: Maintain the holder register;
(8)Corporate actions: Send notices and other relevant documents to holders, assist in the convening of general meetings of shareholders and exercise voting rights based on the wishes of the holders, and distribute dividends and bonuses to the holders;
(9)Cross-border conversion: The depositor issues/deregisters corresponding Chinese depositary receipts in accordance with relevant regulations and deposit agreements;
(10)Other services: Relevant services stipulated by laws and regulations and the CSRC and other personalized requirements put forward by depository customers.
IV. Service Advantages
ICBC is one of the first banks to be qualified for depository business, the first and currently the only commercial bank in the market to conduct depository business, and the only depositary with hands-on experience.
ICBC has a depository business system independently developed in line with international standards, which is completely isolated from the custody business system and can meet the daily operation and personalized needs of customers.
Relying on its strong global network and financial service capabilities, ICBC can provide comprehensive financial services to the issuer, including depository services, custody services, account services and foreign exchange settlement and sale services.
V. Business Flow
VI. Contact Information
If you would like to apply for any service, please contact the Global Asset Custody Division of Asset Custody Department of ICBC:
Contact: Liu Xiaomeng
Tel.: (8610) 66105755/5692
E-MAIL: xiaomeng.liu@icbc.com.cn
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