中国证监会最新表示，拟修订境内企业赴境外上市相关保密和档案管理规定，明确企业信息安全责任，减少不必要涉密敏感信息进入工作底稿，并为开展包括联合检查在内的跨境监管合作提供便利，释放出中美审计监管合作的积极信号，悬于中概股头顶的浓重阴霾似有云开雾淡之机。
中国证监会网站发布新闻稿，对逾10年前发布的《关于加强在境外发行证券与上市相关保密和档案管理工作的规定》修订征求意见，明确境外监管机构在中国境内进行调查取证或开展检查的应当通过跨境监管合作机制进行，证监会等依据双多边合作机制提供必要的协助。
同时，修订建议稿增加程序性要求，明确企业保密责任，要求企业境外发行上市过程中向证券服务机构及境外监管机构提供的资料遵守保密相关法规，涉密敏感信息具体情况要提供书面说明。
有关部门负责人表示，“规定”的修订旨在进一步加强境内企业境外发行上市相关保密和档案管理工作，“明确上市公司信息安全责任，维护国家信息安全，减少不必要的涉密敏感信息进入工作底稿”。
同时，提高跨境监管合作的效率，体现了统筹开放与安全的理念，将促进中国境内企业境外发行证券和上市活动有序开展。
华兴证券（香港）首席策略分析师庞溟称，修订稿明确和压实上市公司及中介机构的信息安全责任，减少不必要的涉密敏感信息进入工作底稿，更便利于中国境内企业境外发行证券和上市活动，更便利于按照市场化、法治化、国际化原则安全、高效地推进跨境监管合作。
而在跨境监管合作方面的表述，他认为“为未来的双边、多边合作机制以及联合检查之外的互认检查等其他跨境监管合作形式预留了空间。”
庞溟认为，对中概股来说，目前主要风险将缩窄为双方是否能如预期形成合作方案、合作方案能否落实执行、落地执行会否受到美国国内政治风向与立法分支的影响，以及上市公司盈利增长放缓会否引致估值重估，还有美联储进入紧缩周期后资金流向和投资偏好变化的溢出影响。
**为中美监管合作清扫障碍**
围绕中美监管合作的风吹草动让中概股经历了暴跌暴涨的“黑3月”，而拟修订的保密和档案管理规定，往促成合作的方向迈进了一步，证监会有关部门负责人认为，修订将有助于相关监管部门与境外监管机构安全高效开展包括联合检查在内的跨境监管合作活动，共同维护全球投资者权益。
修订稿删除原规定中关于“现场检查应以我国监管机构为主进行，或者依赖我国监管机构的检查结果”的表述。
同时，明确境外证券监督管理机构及有关主管部门提出就境内企业境外发行证券和上市相关活动对境内企业以及为该等企业提供相关证券服务的证券公司、证券服务机构进行调查取证或开展检查的，应当通过跨境监管合作机制进行，证监会或有关主管部门依据双多边合作机制提供必要的协助。
“中国证监会坚定支持企业根据自身意愿自主选择上市地。”有关部门负责人表示，修订稿旨在明确上市公司信息安全责任，减少不必要的涉密敏感信息进入工作底稿，提高跨境监管合作的效率。
至于企业合规成本是否因此提高，负责人指出，依法依规做好涉密敏感信息的管理，落实信息安全主体责任，是企业合规经营的重要内容。从实践情况看，企业向有关证券公司、证券服务机构提供包含涉密或敏感信息的文件、资料应属极少数情况。
如因审计工作需要确有必要提供的，规定重申企业须按照相关法律法规履行必要的审批或备案程序，并要求企业保留履行程序和提供信息的相关记录并向中介机构提供书面说明，不会给企业带来过高的合规成本。
修订拟作出的调整还包括调整适用范围，将适用范围扩大至境外间接上市企业；保持与上位法的衔接等。
美国证监会3月上旬挂出首批退市风险公司名单，引发中概股集体暴跌，亦将中美监管博弈置于聚光灯下。此后，中国监管层在不同场合表示中美审计监管合作取得积极进展，而美方的表态则更为谨慎，美国公众公司会计监督委员会(PCAOB)甚至直言对协议即将达成的猜测“为时过早“，并表示对审查会计底稿的要求不会让步。
美国证监会周三将百度、爱奇艺等五家公司列入有退市风险的相关发行人暂定名单（Provisional list），并将百济神州等五家第一批进入暂定退市名单的公司转入确定名单（Conclusive list）。
2022年3月上旬以来，美国证监会（SEC）陆续披露根据外国公司问责法（HFCAA）识别的公司名单，这些公司若连续三年无法根据要求完成披露，将被强制退市。截至目前，已有三批共11家在美上市公司被列入退市风险名单之中。
在SEC公布首批退市风险名单后，纳斯达克金龙指数在3月10-12日期间连续三个交易日跌幅超过10%，但在3月16日中国金融委召开会议后，该指数当天大涨32.9%，创下历史记录。
China plans to remove hurdle to Sino-U.S. audit cooperation
China proposed revising confidentiality rules involving offshore listings, removing a legal hurdle to Sino-U.S. cooperation on audit oversight while putting the onus on Chinese companies to protect state secretes.
The draft rules, announced by China's securities watchdog, mark Beijing's latest attempt to resolve a long-running audit dispute with Washington that could lead to roughly 270 Chinese companies being forced to delist from U.S. exchanges in 2024.
The proposal scraps requirements that on-site inspection of overseas-listed Chinese companies be conducted mainly by Chinese regulators.
That could open the door to inspections by U.S. regulators, who demand complete access to such firms' audit working papers, which are stored in China.
The changes will facilitate "cross-border regulatory cooperation, including joint inspections, which will help safeguard interest of global investors," the China Securities Regulatory Commission (CSRC) said in a statement on its website.
China is stepping up efforts to ensure Chinese firms remain listed in New York.
The commission said that Chinese and U.S. regulators had held multiple rounds of meetings and both sides had a willingness to solve their audit dispute.
But U.S. securities and audit regulators have pushed back on speculation of an imminent audit deal with China. In March, the U.S. Securities and Exchange Commission (SEC) identified 11 U.S.-traded Chinese companies, including Baidu Inc and Yum China, that face delisting risks.
STATE SECRETS
The draft rules make clear that Chinese companies are responsible for information security in overseas listings, reducing the chance that confidential information unnecessarily enters auditors' working papers, CSRC said.
"Procedural requirements" are added to the rules, demanding Chinese companies provide written explanation when they provide "sensitive information" to intermediaries, such as underwriters and auditors, although such situations should be "very rare", based on experience, according to the watchdog.
CSRC said the rules will offer clear guidance on how to protect state secrets, leading to "orderly" securities issuance and listing activities by Chinese companies.
The current confidentiality rules, which were published in 2009 by the CSRC, the state secrets bureau and the archives bureau, are outdated, CSRC added.
Sources told Reuters last month that Chinese regulators had asked some of the country's U.S.-listed firms, including Alibaba, Baidu and JD.com, to prepare for more audit disclosures.
In mid-March, Vice Premier Liu He said talks between Chinese and U.S. regulators over offshore listing issues had made progress and both sides were working on specific cooperation plans.
