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China to review first seven IPOs on GEM

(Xinhua)
Updated: 2009-09-14 17:42

China's securities authority will hold the first meeting to review the applications of the first seven IPOs for listing on the Growth Enterprise Market (GEM), a Nasdaq-style market in China, on Thursday, sources with the China Securities Regulatory Commission (CSRC) confirmed with Xinhua Monday.

The official, who asked not to be named, said information on the applying enterprises had been released from Sunday on and the review meetings would be concentrated.

Related readings:  China to start reviewing GEM IPOs before Oct. 1  China sets up IPO review committee for GEM  Little IPO spring left in GEM board, say analysts  China starts accepting GEM application

"IPO applications sent to the regulator were concentrated. The regulator had to take into consideration forming a block and guard against speculation that might push up IPO stocks prices," the official said.

Since the market held high expectation on the GEM stocks, the first batch of IPOs should provide a certain number of stocks for trade and form a block to provide more choices for investors to guard against speculation, the official said.

"None of the first IPOs on the GEM was of huge size and thus though the listings will be concentrated, it would not affect capital on the main board," the official said.

The CSRC started to accept applications of the GEM on July 26 and had received 155 applications for IPOs on the GEM as of Sept 10.

The CSRC has formally agreed to handle 149 enterprises' applications that aim to raise 33.61 billion yuan ($4.92 billion).