????有跡象表明，中國公司赴海外首發上市的監管問題可能很快就會迎來突破。

????新加坡證券交易所（SGX）和中國證監會（CSRC）已經達成協議，允許中國公司直接在新加坡上市，而不必通過海外控股公司。雖然在海外上市的中國公司總計已經有幾百家，但往往只有大型國企才能獲準直接上市。其他公司都要通過海外實體來繞過中國政府的監管，這個海外實體通常是設在開曼群島的控股公司。這樣的結構帶來的是監管方面的混亂：因為這些實體不是中國公司，中國政府不會對其實施監管；而外國政府也無法進行監管，原因是中國政府不讓外國監管機構接觸在中國的人員和報表。

????現在，只要獲得CSRC和SGX的批準，中國公司就可以直接在新加坡上市。不過，這項協議并沒有涉及可變利益實體（VIE）問題。以前，采用VIE結構是為了規避中國在某些行業對外商投資的限制。

????和新加坡或香港相比，大多數中國私營企業更愿意在美國上市。同時也有跡象表明，中美監管機構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，不再按要求向美國證監會（SEC）提交報告。SEC啟動了注銷該公司資格的程序，但無法將相關啟動令傳達給多元印刷。11月15日，SEC向行政初審法官提出延期申請，同時繼續嘗試傳達這項啟動令。SEC國際事務辦公室稱，此事可能會耗時一年左右。與四大會計師事務所訴訟案有關的文件顯示，SEC似乎已經放棄了和中方合作的念頭。不過，此事有可能重新回到正軌。

????2012年，SEC對四大事務所和德豪國際（BDO）的中國分支機構提起訴訟，理由是后者拒絕按照美國法律的要求向SEC提交審計工作底稿。2013年7月，法院就此舉行了聽證會，隨后各方一直步調緩慢。原因是直到聽證會召開前夕，中國方面才不情不愿地交出了東南融通（Longtop Financial Technologies）的審計工作底稿。2013年11月21日，這幾家事務所表示，有證據表明此前幾個月中它們就已經轉交了更多的審計工作底稿，同時要求將這項內容添加到聽證記錄之中。在其他事務所的支持下，德勤（Deloitte）要求法院作出即決判決，理由是SEC已經拿到了它所要求的審計工作底稿。德勤還提出，如果不能做出這樣的判決，就會申請將此案延期。

????法官拒絕立即做出裁決，也不同意將此案延期。我預計，法官將裁定這些事務所未能按要求提供審計工作底稿的行為有罪。但我同時認為，這些事務所不會因此遭到重罰——它們只會被“打手心”，而且在可預見的時間里它們還會就此提起上訴。資本市場面臨的風險則將消失。

????雖然美國上市公司會計監管委員會（PCAOB）已經和中方在共享涉案審計工作底稿方面達成了一致，但中方仍不同意這個機構就此展開調查，而進行調查是PCAOB最重要的職能。PCAOB主席詹姆斯?多蒂已經表示，PCAOB不能一直等待中方就此作出決定。有跡象表明，在這個問題上有可能實現突破?！度A爾街日報》（Wall Street Journal）報道，中國監管機構負責人已在本周抵達華盛頓，將就PCAOB開展調查以及其他審計監管問題和美方進行探討。

????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.