With the continuous improvement of China’s capital market liberalization，the channels for foreign investors to enter China’s capital market are expanding，and the proportion of foreign shareholding of China’s listed companies continues to increase. At the same time，China’s listed companies actively invest abroad and accelerate the pace of “Going Out”. Foreign shareholding is closely related to the “Going Out” of China’s listed companies.

Firstly，this report reviews the evolution of China’s policies related to foreign shareholding，including QFII and RQFII systems，“Measures for the Administration of Strategic Investment in Listed Companies by Foreign Investors”，the Shanghai-Hong Kong Stock Connect，the Shenzhen-Hong Kong Stock Connect and the Shanghai-London Stock Connect. On this basis，the report analyzes the impact of foreign shareholding on the “Going Out” of China’s listed companies by three channels：easing financing constraints，improving productivity and information spillover. Finally，the case of Midea Group is selected to examine the specific role of foreign shareholding in the “Going Out” of listed companies.