China last year launched a clampdown on outflows and overseas
direct investment to support its ailing yuan currency and ease
pressure on the country's foreign exchange reserves.
Measures include vetting transfers of $5 million or more and
increased scrutiny on outbound corporate investment. Those
involved in helping Chinese invest overseas say it is now much
tougher to get money out of the country.
The ASX made its requests as a "precautionary step to help
ensure the market is kept informed," its spokesman, Matthew
Gibbs, said in an emailed statement.
"By asking companies to clarify their position, ASX and
investors can assess if the issue is isolated or widespread.
Based on the responses released to the market thus far, it
appears the funding concerns are specific to one company that is
already suspended," it said, without naming the company.
At least 13 small Sydney-listed Chinese companies had responded
to the ASX query by late Tuesday, and none said they encountered
any difficulties transferring funds between China and Australia.
The ASX imposed no deadline for responses and said it had taken
similar action before, writing in July to mining companies
exposed to law changes in Tanzania.
(Reporting by Tom Westbrook; Editing by Subhranshu Sahu)
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