www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Policy Watch

IPO reform draft expected to be finished as soon as this month

By Zhao Yinan (China Daily) Updated: 2015-12-10 07:13

IPO reform draft expected to be finished as soon as this month
The legal procedure for registration-based initial public offerings is expected to be completed as early as the end of this month, a substantial step to wrap up the biggest reform of China's stock market.

An executive meeting of the State Council, presided over by Premier Li Keqiang on Wednesday, discussed a draft amendment to the country's Securities Law that proposed changing the current approval-based IPO mechanism to a registration-based one at the Shanghai Stock Exchange and Shenzhen Stock Exchange. The change would occur within two years of the draft's approval.

At the earliest, the draft could pass the country's top legislature at the end of this month to finish the required legal procedures that are a precondition to any changes being made to the IPO system, experts said.

Following legislative approval, related government organs will work out detailed regulations regarding the implementation of the new IPO system and the supervision required after the listing, according to a statement released after the State Council meeting.

The move, considered one of the most important reforms of China's stock market to ease the funding difficulties of companies, has been pushed ahead in the wake of the summer's capital market turbulence, which wiped out nearly 40 percent of market value.

Under current regulations, approvals from the China Securities Regulatory Commission, the country's top securities watchdog, are requested before any new share sales are made.

The modification of the IPO system is part of a more comprehensive draft of the securities code that was proposed to the top legislature in April. However a second reading of the draft was postponed after April's reading due to the summer market rout.

"The launch of the new IPO mechanism will be a gradual process. It will lead to better integration of the Chinese equities market with the global market and international practices. It will also create substantial business opportunities for both domestic and foreign underwriters," said a banker from a Swiss bank who requested anonymity.

Liu Junhai, a civil and commercial law professor at Renmin University of China, said the draft amendment proposed on Wednesday indicates the eagerness of the government to push ahead the IPO reform to ease the funding difficulties of companies.

"The new share sale mechanism should bear one of the core values of the Securities Law, which is to protect the interest of smaller investors. A more market-driven IPO system means greater responsibility of the brokerages when they carry out due diligence for share issuance," Liu said.

Details of Wednesday's draft have not been released, but in the April draft, the review and approval power will be delegated from the CSRC to bourses, to simplify procedures.

The April draft proposes that once a company has received consent for registration from the bourses, their documents will be transferred to the CSRC for final registration, which will be completed within 10 days.

Li Xiang contributed to this story.

 

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 久久99国产亚洲精品观看 | 日本大黄网站 | 亚洲福利视频精选在线视频 | 欧美精品亚洲人成在线观看 | 国产精品一在线观看 | 欧美精品99久久久久久人 | 日本加勒比在线观看 | 九九在线免费观看视频 | 日本高清视频免费在线观看 | 亚洲性免费 | 另类欧美日韩 | 亚洲欧美精品中文字幕 | 国产一区二区三区在线观看精品 | 九九热爱视频精品视频高清 | 精品欧美一区二区三区免费观看 | 欧美成人黄色网 | 国产精品久久久精品视频 | 九九热视频精品 | 欧美ab| 国产视频a区| 在线高清免费爱做网 | 日韩加勒比 | 免费一级视频在线播放 | 国产三级在线视频播放线 | 91久久精品国产91久久性色tv | 九九精品免费视频 | 亚洲国产精品自在现线让你爽 | 亚洲欧美久久一区二区 | 国产xvideos国产在线 | 青木玲中文字幕一区二区 | 欧美一级www毛片 | 国产乱子伦在线观看不卡 | 男女毛片免费视频看 | aa国产 | 亚洲一区在线视频观看 | 久草网视频| 中文字幕在线观看日韩 | 久久久久久久国产免费看 | 美国三级 | 久久福利青草狠狠午夜 | 国产永久高清免费动作片www |