Recently, Industrial And Commercial Bank Of China Limited successfully handled a capital conversion for a listed semiconductor company through its overseas subsidiary, ICBC Asia, in coordination with its Shanghai branch. The funds were remitted back to a domestic RMB account in Renminbi. This marks the first HKD fundraising repatriation transaction conducted in RMB after the joint notice issued by the People's Bank of China and the State Administration of Foreign Regulation on capital management for overseas listings by domestic enterprises took effect on April 1st. The move further facilitates efficient financing for domestic companies in international financial markets.

It is understood that the new policy delegates registration authority related to overseas listings to banks, shortening the business process and improving operational efficiency. Through close collaboration between its domestic and overseas institutions, ICBC reduced the time from application submission to registration completion to just one day in this transaction. This enabled the company to repatriate its HKD fundraising proceeds in RMB on the same day after conversion, offering an efficient and convenient cross-border capital management solution for domestic enterprises accessing global capital markets.

ICBC will continue to leverage its strengths in cross-border financial services, further expanding new application scenarios for cross-border RMB usage. The bank aims to support Hong Kong in strengthening its role as a global offshore RMB business hub, contributing to the internationalization of the Renminbi and the expansion of high-level opening-up.