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 dishonestly structured or unhealthy for the market.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
China’s first-quarter industrial profits rise at slower pace
When US diplomats visit China, meal choices are about more than taste buds
Laid-back vibe, stunning beaches, rich cuisine and low cost of living lure more expat retirees to Malaysia
Vietnam tycoon appeals against US$27 billion fraud death sentence
US announces new restrictions on firearm exports
Central banks will probably only cut half as much as they hiked