China's securities market experienced some dramatic changes in 2013 including A-share IPO reform, separated review and approval by CSRC of M&A and restructuring transactions involving listed companies, nationwide expansion of the "New Third Board", and an experimental introduction of preferred shares, among others. Before A-share IPO was re-opened at the end of 2013, quite some Chinese companies tried to get listed on overseas securities markets while some of these markets (such as the Hong Kong Stock Exchange) have also seen changes with their listing requirements as applicable to Chinese applicants. In the attached Chinese memorandum, Han Yi lawyers will provide, for your general reference purpose only, a brief review and analysis from the PRC legal perspective of the major developments with Chinese securities market as well as overseas IPOs by Chinese companies in 2013.