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Stock regulator turns down Net263's IPO

(Xinhua)
Updated: 2008-04-15 14:38

Chinese Internet service provider Net263 Company had its initial public offering proposal rejected by the Shanghai Stock Exchange yesterday, the securities watchdog has said on its Website.

The company, which had an annual profit of 63.45 million yuan ($9.06 million) last year, planned to sell 30 million shares in the IPO, the China Securities Regulatory Commission said yesterday.

The commission did not say why they rejected the company's application.

The company initially launched the Internet communications service on the Chinese mainland in 2007. The service allows customers to make phone calls or hold telephone conferences via Internet. The company also has technology that helps filter junk email.

The company never thought the application would fail, a Beijing Times report said, citing Zhang Jinghai, deputy director of the company.

Chinese consumer electronics maker Bu Bu Gao Group received approval to list its retail unit Better Life Commercial Chain Share Co yesterday.

Bu Bu Gao's retail unit plans to use proceeds from the listing to add outlets to its retail chain and improve shipping and supply, according to a draft prospectus posted on the regulator's Website last week.