Chinese securities regulator unveiled rules for publicly-traded companies to spin off subsidiaries for domestic initial public offerings, in a move to provide more financing channels.
Parent companies should have been listed for at least three years and be profitable for three consecutive fiscal years, according to the China Securities Regulatory Commission (CSRC) on Friday. Excluding the spinoff unit, the parent company’s cumulative net profit should be no less than 600 million yuan, a lower requirement . . .
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