For a long time, overseas listing of domestic enterprises has
been one of the major ways for investment institutions to exit.
The filing-based system for overseas offering and listing
adopts a unified regulation pattern over direct overseas listing
and indirect overseas listing, optimizes the original examination
and approval procedures for direct overseas listing and full
circulation, and meanwhile increases the filing requirements for
indirect overseas listing. For private equity investment
funds and other institutional investors, the filing-based system
not only brings more options for their investment and future exits,
but also brings some new challenges, especially in the aspect of
shareholder verification.