SHANGHAI/SINGAPORE, June 20 (Reuters) - Bethel Automotive Safety Systems Co (603596.SS) scrapped plans to issue Global Depository Receipts (GDR), citing changes in domestic and overseas capital market conditions, after China tightened rules for GDR listings.
The new GDR rules by China's securities regulator last month put curbs on the use of proceeds and made issuances liable to national security reviews, potentially dampening Chinese companies' interest in listing in Europe, bankers said.
The Shanghai-listed automotive braking system manufacturer said on Monday it decided to terminate the GDR plan after considering its financial and operational situations.
Earlier this month, Shenzhen-listed medical devices maker Jiangsu Yuyue Medical Equipment & Supply Co (002223.SZ) cancelled a proposed Swiss GDR offering plan, citing changes in market conditions.
Reporting by Jason Xue in Shanghai and Tom Westbrook in Singapore; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.
Persons:
Bethel, Jason Xue, Tom Westbrook, Varun
Organizations:
Bethel Automotive Safety Systems, SIX, SIX Swiss Exchange, Supply, Thomson
Locations:
SHANGHAI, SINGAPORE, Bethel, China, GDR, Europe, Shanghai, SIX Swiss, Shenzhen, Jiangsu, Swiss GDR, Zurich, London, U.S, Singapore