China’s Securities Regulator Lays Out Overseas Listing Rules

China’s securities regulator said domestic companies seeking to sell shares abroad would have to follow domestic rules and file for local registration, in a draft framework meant to clarify proceedings in a market rocked by the state’s crackdown on overseas listings.

The draft rules, released on Friday, follow a nearly six-month pause in Chinese listings in the U.S., since the ill-fated New York initial public offering for ride-hailing giant Didi Global Inc. In July, the Chinese government punished Didi for front-running domestic regulations and subsequently said it would install guidelines for Chinese companies selling shares overseas. Companies have put on hold their listing plans pending more regulatory clarity from Beijing.