Spread the love
ASIA:
China’s central bank on Friday said that non-bank payment firms must report plans for overseas initial public offerings and other major events. This is the latest move in a widespread regulatory squeeze on the country’s tech firms. Non-bank payment firms should report both domestic and overseas listing plans, the People’s Bank of China (PBOC) said in a statement. The requirement applies to payment firms with a variable interest entity (VIE) structure, which has been widely adopted by internet companies and allows them to bypass the lengthy domestic listing process and raise funds overseas. Payment firms should also explain the “detailed arrangement” of their VIE structures if seeking an overseas listing, it said.