Recently, the Shanghai Stock Exchange (SSE) issued the Interim Measures for the Listing and Trading of Connect Depositary Receipts Between the Shanghai Stock Exchange and Overseas Stock Exchanges (2023 Revision) (hereinafter referred to as the "Interim Measures"), which shall come into force as of the date of issuance. For SSE-listed companies that have obtained the approval documents from the China Securities Regulatory Commission (CSRC) for the overseas issuance and listing of global depositary receipts (GDRs), they may continue to advance the overseas issuance and listing within the validity period of the approval documents. For those that have not completed the overseas issuance and listing upon expiration of the validity period of the approval documents, they shall submit an application for the issuance and listing of domestically newly added underlying shares for GDRs to the SSE in accordance with the provisions of the revised Interim Measures. The revisions to the Interim Measures mainly cover the following three aspects: First, clarify the requirements for overseas issuance and listing of GDRs. Where an SSE-listed company issues and lists GDRs overseas with its domestically newly added shares as underlying securities, it shall not only meet the issuance conditions stipulated in the Measures for the Registration and Administration of Securities Issuance by Listed Companies, but also have been listed on the SSE for at least 1 full year, and the average market capitalization of its A-shares in the 120 trading days prior to the application date shall be no less than RMB 20 billion. Second, clarify the review arrangements for the application for the issuance and listing of newly added underlying shares corresponding to GDRs. In accordance with the requirements of fully implementing the registration system, the issuance and listing review authority of the SSE shall review the application documents for the issuance and listing of domestically newly added underlying shares by listed companies, and the relevant review procedures and mechanisms shall apply the provisions on the issuance of securities to specific targets in the Review Rules for the Issuance and Listing of Securities by Listed Companies of the Shanghai Stock Exchange. Third, strengthen whole-process supervision over information disclosure. Where a listed company issues and lists GDRs overseas, it shall timely disclose the progress at important time nodes such as the issuance of review decisions by competent overseas authorities, the filing by CSRC, the overseas issuance and listing of GDRs, the arrival of raised funds, and the suspension or termination of the overseas issuance and listing of GDRs. Previously, from June 2 to 9, the SSE solicited public opinions on the Interim Measures from the public. The SSE revealed that during the solicitation period, a total of 60 relevant opinions and suggestions were received. The SSE adopted the suggestion to delete the requirements for information disclosure during the overseas market review acceptance, inquiry and reply links for GDR issuance and listing, and revised and improved relevant clauses. Meanwhile, in combination with relevant opinions, appropriate optimizations were made to the specific wording of several clauses from the perspective of legislative technique, so as to enhance the standardization and conciseness of the specific provisions. © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd. and Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting and Management Co., Ltd. is a domestic subsidiary of Hong Kong Meishun Management Consulting Co., Ltd. under the same actual controller. Both companies are under the same actual controller, operate under the unified governance framework of one China, and comply with the laws of Hong Kong and the mainland of China.