????有跡象表明,，中國(guó)公司赴海外首發(fā)上市的監(jiān)管問(wèn)題可能很快就會(huì)迎來(lái)突破。

????新加坡證券交易所（SGX）和中國(guó)證監(jiān)會(huì)（CSRC）已經(jīng)達(dá)成協(xié)議,，允許中國(guó)公司直接在新加坡上市,，而不必通過(guò)海外控股公司,。雖然在海外上市的中國(guó)公司總計(jì)已經(jīng)有幾百家，但往往只有大型國(guó)企才能獲準(zhǔn)直接上市,。其他公司都要通過(guò)海外實(shí)體來(lái)繞過(guò)中國(guó)政府的監(jiān)管,，這個(gè)海外實(shí)體通常是設(shè)在開曼群島的控股公司。這樣的結(jié)構(gòu)帶來(lái)的是監(jiān)管方面的混亂：因?yàn)檫@些實(shí)體不是中國(guó)公司,，中國(guó)政府不會(huì)對(duì)其實(shí)施監(jiān)管,；而外國(guó)政府也無(wú)法進(jìn)行監(jiān)管，原因是中國(guó)政府不讓外國(guó)監(jiān)管機(jī)構(gòu)接觸在中國(guó)的人員和報(bào)表,。

????現(xiàn)在,，只要獲得CSRC和SGX的批準(zhǔn)，中國(guó)公司就可以直接在新加坡上市,。不過(guò),，這項(xiàng)協(xié)議并沒(méi)有涉及可變利益實(shí)體（VIE）問(wèn)題。以前,，采用VIE結(jié)構(gòu)是為了規(guī)避中國(guó)在某些行業(yè)對(duì)外商投資的限制,。

????和新加坡或香港相比，大多數(shù)中國(guó)私營(yíng)企業(yè)更愿意在美國(guó)上市,。同時(shí)也有跡象表明,，中美監(jiān)管機(jī)構(gòu)之間的僵局可能得到最終的解決,。

????2011年,，多元印刷公司（Duoyuan Printing, Inc.）因涉嫌制造虛假信息從紐約證券交易所（NYSE）退市。這家公司從此銷聲匿跡,，不再按要求向美國(guó)證監(jiān)會(huì)（SEC）提交報(bào)告,。SEC啟動(dòng)了注銷該公司資格的程序，但無(wú)法將相關(guān)啟動(dòng)令傳達(dá)給多元印刷,。11月15日,，SEC向行政初審法官提出延期申請(qǐng)，同時(shí)繼續(xù)嘗試傳達(dá)這項(xiàng)啟動(dòng)令,。SEC國(guó)際事務(wù)辦公室稱,，此事可能會(huì)耗時(shí)一年左右。與四大會(huì)計(jì)師事務(wù)所訴訟案有關(guān)的文件顯示,，SEC似乎已經(jīng)放棄了和中方合作的念頭,。不過(guò)，此事有可能重新回到正軌,。

????2012年,，SEC對(duì)四大事務(wù)所和德豪國(guó)際（BDO）的中國(guó)分支機(jī)構(gòu)提起訴訟，理由是后者拒絕按照美國(guó)法律的要求向SEC提交審計(jì)工作底稿,。2013年7月,，法院就此舉行了聽證會(huì),，隨后各方一直步調(diào)緩慢。原因是直到聽證會(huì)召開前夕,，中國(guó)方面才不情不愿地交出了東南融通（Longtop Financial Technologies）的審計(jì)工作底稿,。2013年11月21日，這幾家事務(wù)所表示,，有證據(jù)表明此前幾個(gè)月中它們就已經(jīng)轉(zhuǎn)交了更多的審計(jì)工作底稿,，同時(shí)要求將這項(xiàng)內(nèi)容添加到聽證記錄之中。在其他事務(wù)所的支持下,，德勤（Deloitte）要求法院作出即決判決,，理由是SEC已經(jīng)拿到了它所要求的審計(jì)工作底稿。德勤還提出,，如果不能做出這樣的判決,，就會(huì)申請(qǐng)將此案延期。

????法官拒絕立即做出裁決,，也不同意將此案延期,。我預(yù)計(jì)，法官將裁定這些事務(wù)所未能按要求提供審計(jì)工作底稿的行為有罪,。但我同時(shí)認(rèn)為,，這些事務(wù)所不會(huì)因此遭到重罰——它們只會(huì)被“打手心”，而且在可預(yù)見(jiàn)的時(shí)間里它們還會(huì)就此提起上訴,。資本市場(chǎng)面臨的風(fēng)險(xiǎn)則將消失,。

????雖然美國(guó)上市公司會(huì)計(jì)監(jiān)管委員會(huì)（PCAOB）已經(jīng)和中方在共享涉案審計(jì)工作底稿方面達(dá)成了一致，但中方仍不同意這個(gè)機(jī)構(gòu)就此展開調(diào)查,，而進(jìn)行調(diào)查是PCAOB最重要的職能,。PCAOB主席詹姆斯?多蒂已經(jīng)表示，PCAOB不能一直等待中方就此作出決定,。有跡象表明,，在這個(gè)問(wèn)題上有可能實(shí)現(xiàn)突破?！度A爾街日?qǐng)?bào)》（Wall Street Journal）報(bào)道,，中國(guó)監(jiān)管機(jī)構(gòu)負(fù)責(zé)人已在本周抵達(dá)華盛頓，將就PCAOB開展調(diào)查以及其他審計(jì)監(jiān)管問(wèn)題和美方進(jìn)行探討,。

????There are signs that there may soon be a regulatory breakthrough on overseas IPOs of Chinese companies.

????The Singapore Exchange (SGX) and the China Securities Regulatory Commission (CSRC) reached a deal to allow Chinese companies to list directly in Singapore, that is, without using an offshore holding company. While there are hundreds of Chinese companies that have listed overseas, only large SOEs tended to get the necessary permission to list directly. The rest used offshore structures, typically with a Cayman Island holding company, to get around Chinese regulations. The offshore structures contributed to the regulatory mess that ensued, where Chinese regulators did not regulate the companies because they were not Chinese, and foreign regulators could not regulate them because China would not let them have access to the people and records in China.

????Now Chinese companies can directly list in Singapore after their applications are approved by both CSRC and SGX. The agreement, however, does not deal with the troublesome variable interest entity (VIE) structure that is used to circumvent Chinese rules restricting foreign investment in certain sectors.

????Most private Chinese companies prefer to list in the United States to Singapore and Hong Kong. There are some clues that suggest that the standoff between U.S. and Chinese regulators may be ending.

????Duoyuan Printing, Inc. (Duoyuan Printing) was delisted from the NYSE in 2011 after the company crumbled under fraud allegations. Duoyuan Printing went dark – ceasing to file required reports with the SEC. The SEC began the process of deregistering the company but was unable to serve a complaint. On November 15, the SEC asked an administrative trial judge for a delay while they attempted to serve Duoyuan Printing. The SEC’s Office of International Affairs indicated it might take up to a year to do so. Based on filings in the Big Four cases, it appeared that the SEC had given up on cooperation with China. But perhaps things are back on track again.

????The SEC filed charges in 2012 against the Big Four and BDO in China over their refusal to provide audit working papers to the SEC as required by U.S. law. A hearing took place in July 2013 and the parties have been slow walking the case. That is because just before the hearing the CSRC coughed up the working papers on Longtop Financial Technologies. On November 21, 2013 the firms asked to be able to supplement the hearing record with evidence that more working papers had been turned over in the past few months. Deloitte, with the support of the other firms, filed for summary disposition on the basis that the SEC now had the requested working papers. If it didn’t get its way, Deloitte asked that the case be postponed.

????The judge refused to dismiss the case or postpone his decision. I expect that the judge will find the firms guilty of not turning over the work papers when they were supposed to, but I also do not believe the firms will get the death penalty for that. So the firms will get a slap on the wrist that they will probably continue to fight for the foreseeable future, but the risk to the capital markets will be gone.

????Although the PCAOB reached a deal to share working papers in connection with investigations, it remains banned from inspections, which are its most important function. PCAOB Chairman James Doty has indicated that the PCAOB cannot wait forever for a deal on inspections. There are signs of a breakthrough. The Wall Street Journal reports that Chinese regulators are in Washington this week for discussions on inspections and other audit-oversight issues.