On 24 October 2018, Qingdao Haier offered 265 million shares on the D-share market of China Europe International Exchange (CEINEX), passing through the admission of the Frankfurt Stock Exchange and achieving a listing that marked the birth of the first D shares on the CEINEX D-share market.
Dentons
Senior Partner
The term “D share” refers to stock offered and listed on CEINEX in Germany by joint stock limited companies registered in China. Generally, the offering and listing of D shares can choose one of three forms: a D share initial public offering and listing; an “A + D” simultaneous listing; or a “first A then D” model. As Qingdao Haier has listed A shares on the Shanghai Stock Exchange in 1993, its D-share offering falls into the category of “first A then B”. However, regardless of the model type, a D-share listing requires the review and approval of both Chinese and German regulators. This column looks at the Chinese approval procedure involved in a D-share offering and listing.
Pursuant to Chinese laws, before a joint stock limited company in China offers shares abroad, it is required to submit an application to, and obtain an official reply from, the China Securities Regulatory Commission (CSRC). The CSRC’s review procedure is as set out below.
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Frank Qu is a senior partner at Dentons
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