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7/29, 5:28 AM (Source: TeleTrader)
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China to keep allowing firms to file for US IPOs - report

The China Securities Regulatory Commission (CSRC) Vice Chairman Fang Xinghai stated Beijing will continue to allow the country's companies to file for initial public offering (IPO) in the United States, CNBC reported.

According to sources familiar with the matter, China plans to keep permitting its firms to go public in the US as long as they meet Beijing's requirements for such a move. Fang also reportedly said the agency is not aiming to discourage foreign investments with its latest actions but rather protect the domestic market.

The allegations come following the reports the Chinese government advised ByteDance Ltd. and Didi Chuxing Technology Co. against filing for IPOs abroad over suspected security issues. Meanwhile, the authorities ordered the US-listed Tencent Music Entertainment Group to cancel its licensing deals with record labels.

Breaking the News / JR