Recently, the China Securities Regulatory Commission (CSRC) has received a cumulative total of 365 applications from domestic enterprises for overseas initial public offering (IPO) or full circulation filing, among which 51 already listed overseas enterprises have separately submitted filing applications solely for full circulation. Specifically, these applications include 95 applications adopting the direct overseas listing structure (referred to as "H-share structure"), 158 applications adopting the indirect overseas listing equity control structure (referred to as "red-chip equity structure"), and 49 applications adopting the indirect overseas listing variable interest entity structure (referred to as "red-chip VIE structure", which together with the red-chip equity structure constitutes the "indirect overseas listing structure"). As of January 16, 2025, a total of 251 domestic enterprises have successfully completed the filing procedures. Among them, 62 enterprises adopt the H-share structure, 118 enterprises adopt the red-chip equity structure, and 24 enterprises adopt the red-chip VIE structure. In addition, 40 listed enterprises have completed the filing specifically for the "full circulation" matter. Among the 365 enterprises that have submitted filing applications, the listing destinations show a diversified distribution. Specifically, the largest number of enterprises plan to list on the Hong Kong Stock Exchange, totaling 196; another 51 enterprises have applied for full circulation. In addition, 114 enterprises plan to list on other exchanges, including 106 enterprises intending to list on the Nasdaq Stock Market, 5 enterprises intending to list on the New York Stock Exchange, and 3 enterprises considering listing on either the Nasdaq Stock Market or the New York Stock Exchange. In addition, 1 enterprise plans to list on the Singapore Exchange, 3 enterprises plan to list on other stock exchanges, and 1 enterprise plans to list on the Astana International Exchange. Overall, the listing choices of these enterprises are mainly concentrated in the Hong Kong stock market and the U.S. stock market, with cases listed in Hong Kong being more prominent. The enterprises that have submitted filing applications cover a wide range of industries, mainly including TMT (Technology, Media and Telecommunications), healthcare/life sciences, industrial manufacturing, retail and consumer goods, infrastructure/real estate, transportation/logistics and other service industries, financial industry, and energy industry, among others. The business areas covered in the Negative List for Access to Foreign Investment mainly include value-added telecommunications services, establishment and operation of medical institutions, online cultural business activities, online publishing business, production and operation of radio and television programs, insurance brokerage and agency services, and research and development and application of human stem cell technology, among others. © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd. and Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting and Management Company is the domestic subsidiary of Hong Kong Meishun Management Consulting Co., Ltd. under the same ultimate controller. Both companies share the same ultimate controller, operate under the principle of one China, and comply with the laws of Hong Kong and mainland China.