The China Securities Regulatory Commission ( CSRC ) has recently published new regulations to reform the IPO listing process, including the full implementation of "registration-based control" for IPO on 1-Feb and the release of "Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies" on 17-Feb. At the same time, it was reported that state-owned enterprises are required to gradually stop using the four biggest audit firms and replace them by accountants from the mainland or Hong Kong. 
The recent updates have standardised the approval process for listing of China companies, and also set a higher due diligence and filing standard. Professional parties, including sponsors, lawyers and auditors, may have to adjust their due diligence plans to meet the new requirements. State-owned enterprises may also need to consider conducting background checks on these professional parties to avoid potential data security risks.