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

USEUROPEAFRICAASIA 中文雙語Fran?ais
China
Home / China / Business

Regulator denies halting applications for IPOs

By Gao Changxin in Shanghai | China Daily | Updated: 2013-12-04 07:20

Applicants must stick to 'obligations' listed in guidelines, says CSRC

China's top securities regulator on Tuesday denied rumors that it had halted taking IPO applications but stressed that applicants must conform to new rules before being considered.

The denial followed a report by the Shanghai-based Oriental Morning Post on Tuesday that quoted several anonymous investment bankers as saying that the China Securities Regulatory Commission had stopped taking new applications while preparing to implement new rules.

The CSRC denied the report in a statement posted on Sina Weibo, China's main micro-blogging service.

But the commission added that new applicants must stick to the "integrity obligations" stipulated in the new guidelines published Nov 30 for reforms moving the system away from an approval-based one and toward a US-style registration-based IPO system. Those whose applications have already been approved must make changes before moving through the approval process. -

The CSRC vowed on Nov 30 to end a 14-month IPO hiatus and allow at least 50 companies to float shares by January next year.

More than 760 IPO candidates are now in the pipeline, and the CSRC said it will take almost a year to assess all them.

Also on Tuesday, the China Securities Journal reported that per the new rules, IPO candidates must update their filings before Dec 20 if they want to go public in January. The newspaper quoted an anonymous source as saying that the CSRC asked the sponsors to "guarantee the quality" of the candidates' paperwork.

Those who don't make the Dec 20 cut will have to do additional financial disclosures.

Under the registration-based system, widely used in developed countries, companies meeting basic requirements can register for a listing without having to get administrative approval, letting the market decide the company's value and earnings potential.

Analysts believe the changes promised by the guidelines will serve as a transition to the registration-based system. They are the first major regulatory changes to follow the ambitious, 60-point blueprint for reform released at the conclusion of last month's Third Plenary Session of the 18th Central Committee of the Communist Party of China.

The CSRC guidelines published Nov 30 require, among other things, that if major shareholders intend to sell their shares after the post-IPO two-year lock-up period, they must sell them at a price higher than the issuing price. Also, the two-year lock-up period will be extended by at least six months if a company's stock price drops lower than its issuing price for 20 consecutive trading days within the sixth month following the IPO.

"The changes enhance investor protection and information disclosure, and will eventually lead to a registration-based listing system," said Zhang Qi, a Shanghai-based analyst with Haitong Securities Co Ltd.

The benchmark Shanghai Composite Index gained 0.69 percent to 2222.67 points on Tuesday, rebounding from a 0.59 percent decline Monday stemming from investor concern that IPO resumption would divert funds away from exiting stocks.

But a drop in money market rates on Tuesday helped take the index to a six-week high. The seven-day interbank lending rate, a gauge of funding availability in the system, fell 140 basis points to 4.60 percent as of 13:30 pm on Tuesday in Shanghai, according to the National Interbank Funding Center.

Hong Hao, a researcher at the securities and futures research center of the Central University of Finance and Economics, wrote in a column on Sina.com that the market will be under short-term pressure if IPOs are resumed.

But he said mid- to long-term, the market will benefit from the reforms.

The bubble-inflated ChiNext board will take a hit, he added, as investors flee to the main board in search of value.

The ChiNext Index rose 0.11 percent on Tuesday after plunging 8.3 percent on Monday, the biggest drop on record.

Editor's picks
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 久草最新在线 | 欧美日韩在线视频观看 | a国产| 天天看片天天爽_免费播放 天天看夜夜 | 性盈盈影院影院 | 久久久久久免费精品视频 | 99精品福利视频在线一区 | 男人天堂网在线观看 | 国产精品青草久久福利不卡 | 黄色美女视频 | 日韩免费看片 | 毛片1毛片2毛片3毛片4 | yy6080福利午夜免费观看 | 国产在线手机视频 | 久夜色精品国产一区二区三区 | 交性视频免费看 | 国产精品美女久久久久网站 | 国产99视频免费精品是看6 | 亚洲影院中文字幕 | 欧美色爱综合 | 中文毛片 | 欧美成人三级伦在线观看 | 长腿校花被啪到腿软视频 | 国产亚洲综合精品一区二区三区 | 亚欧毛片 | 精品日韩欧美一区二区三区在线播放 | 国产成人精品aaaa视频一区 | 成人在线观看一区 | 最新中文字幕一区二区乱码 | 亚洲欧美日韩在线一区二区三区 | 亚洲欧美日韩中文字幕在线一区 | 久章草在线 | 九九re6精品视频在线观看 | 免费在线成人 | 在线国产一区二区 | 成年美女黄网站色大 | avtt加勒比手机版天堂网 | 看欧美毛片一级毛片 | 在线视频一二三区 | 国产香蕉国产精品偷在线观看 | 高清日本在线成人免费视频 |