Partly in an effort to reconcile its regulatory conflict with SEC on its auditing requirements applicable to numerous China Concept Stocks listed on the various U.S. markets and partly to clarify the applicability of China’s recent legislation initiatives involving national security concerns in the cybersecurity and data security areas as well as the legal status of the protracted VIE issue in offshore listings of red-chip stocks, China’s CSRC issued two draft rules governing offshore listings by PRC companies and the corresponding filing requirements for public comments on December 24, 2021. The formal rules are generally expected to be issued for implementation sometime after conclusion of next year’s NPC session in March 2022 in conjunction with the latest round of amendments to China’s Company Law. Here is a nutshell of key points under these two draft rules for your quick review and reference.