Legal issues in the listing of Chinese mining companies overseas

By Lin Lei, Zhonglun W&D Law Firm
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The main foreign exchanges that have a welcoming and encouraging attitude toward Chinese mining companies include the Stock Exchange of Hong Kong, the Toronto Stock Exchange, the Australian Securities Exchange and the London Stock Exchange. Among these, the first three have a relatively greater edge when it comes to financing amounts, trading activity and refinancing. This column will focus on general legal issues involved in listing on the exchanges mentioned, as well as PRC domestic legal issues that need to be addressed for such listings.

林磊 Lin Lei 中伦文德律师事务所 合伙人 Partner Zhonglun W&D Law Firm
林磊
Lin Lei
中伦文德律师事务所
合伙人
Partner
Zhonglun W&D Law Firm

Operational consistency

Except as required for a restructuring, the company will have a relatively consistent operating entity and equity title relationship during the past two to three fiscal years, depending on the requirements of the stock exchange in question. While operating, the company should have the various approvals, permits, certificates and licences required for production and operation as specified in law, and be carrying out its activities within its registered scope of business.

None of the company’s operations may lack the above-mentioned operating qualifications or be carried out beyond the scope of business, as legal consequences could arise due to operating in violation of regulations.

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Lin Lei is a partner in the Shanghai office of Zhonglun W&D Law Firm

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