China plans IPO authority changes: report
Shanghai
CHINA'S securities regulator plans to devolve some of its authority over approving initial public offerings to the Shanghai and Shenzhen stock exchanges around May, state media reported - another step towards a US-style IPO "registration" system.
The Securities Times, a paper published by the Shenzhen Stock Exchange, reported on Friday that the China Securities Regulatory Commission (CSRC) would dissolve its Issuance Examination Committee, which approves IPOs and secondary offerings. The CSRC would then allow the Shanghai and Shenzhen bourses to create "hearing committees" similar to those used in Hong Kong to vet new listings. The report cited unnamed sources in the investment banking community. According to the article, the CSRC would retain ultimate authority to approve or reject share sales, enabling it to control the pace of new issuance and block IPOs it sees as disho…
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