China's securities regulator will speed up the filing process for Chinese companies seeking overseas listings, said an official on Wednesday at the two-day 2024 Lujiazui Forum, a major financial gathering in Shanghai.
Last year, the China Securities Regulatory Commission (CSRC) issued new regulations on overseas listings. As of June 18 this year, the commission has completed the filings for overseas listings for a total of 158 companies, said Fang Xinghai, vice chairman of the CSRC.
Among the listings, 85 companies have listed in the Hong Kong Special Administrative Region (SAR), and 73 have listed in the United States.
"Regarding overseas listings, the attitude of the China Securities Regulatory Commission is that we need to accelerate the filing process. Our current speed is faster than before, but overseas listing filings are still a relatively new phenomenon. Our speed is not yet sufficient, and we need to continue accelerating the filing process because there are still many companies in line. This is a positive sign, indicating that China has a large number of highly active enterprises. They all want to enhance their own scale and strength, and this is something we should strongly support," said Fang.
The Lujiazui Forum was created in 2008 as a high-level global platform for government officials, world financial leaders and outstanding scholars to discuss and foster international financial cooperation and further financial reform and market opening in China. Named after Lujiazui -- the financial district in China's finance capital of Shanghai, the forum also symbolizes the city's vision of becoming a leading international financial center.
China's securities regulator to speed up filings for companies listing overseas
The tomato industry in Xinjiang Uygur Autonomous Region, northwest China, has been reshaped by cutting-edge machinery and innovative business strategies.
Xinjiang, known as the "golden land" for tomatoes, boasts optimal growing conditions with abundant sunshine and sharp difference between day and night temperatures.
"The sun is abundant, so the lycopene content in tomatoes is higher. The soil here is rich in selenium and relatively fertile. Tomato production is expected to reach about 120 tons per hectare this year," said Zhao Ling, deputy director of the Bureau of Agriculture and Rural Affairs of Manas County.
Post-harvest processing is vital for tomatoes, the beloved vegetable on dining tables worldwide, to yield products like paste.
"High content and thick skin are the characteristics of processing tomatoes. The purpose is to reduce water loss during transportation and increase production," said Zhao.
Manas County in Changji Hui Autonomous Prefecture began the large-scale cultivation of tomatoes for processing in the 1990s, and embraced mechanized agriculture more than a decade ago. Today, smart machines can filter out low-quality tomatoes, and harvest 600 tons of quality produce a day.
From August to October, the 14,000 hectares of processing tomato crops in Manas County, or 40 percent of Xinjiang's total tomato cultivation area, are ripe for harvest.
The tomato cultivation is financially rewarding, according to local farmers.
"The income from tomatoes is better than from other vegetables, and large fields are easier to manage," said Chen Jianbing, a farmer.
Beyond advanced machinery, innovative business models have reshaped the industry.
Contract farming became predominant in Manas to help farmers hedge against the risk of fluctuations in tomato prices. Tomato paste companies confirm the amount and varieties of tomatoes in advance with the farmers, and provide technical consultations during the growing period of the crops to ensure product quality and production efficiency.
In Manas, the entire processing tomato industry is estimated to have an output value of 2.5 billion yuan, or more than 350 million U.S. dollars this year, which will improve the economic wellbeing of the locals.
Smart machinery, innovative business strategies transform Xinjiang's tomato industry
