三级aa视频在线观看-三级国产-三级国产精品一区二区-三级国产三级在线-三级国产在线

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: 欧美一区二区视频三区 | 国产成人高清在线 | 国产1区2区三区不卡 | 中文字幕永久在线观看 | 日韩亚洲欧洲在线rrrr片 | 日韩一级欧美一级一级国产 | 尤物视频在线观看 | 亚洲国产一 | 在线观看一区二区精品视频 | 99久久精品免费看国产麻豆 | 国产小视频在线观看www | 欧洲美女粗暴交视频 | 成人男女啪啪免费观看网站 | 永久福利盒子日韩日韩免费看 | 久久视频免费在线观看 | 国产成人精品magnet | 一级无遮挡理论片 | 精品视频麻豆网站 | www草逼| 精品国产高清不卡毛片 | 亚洲一区在线免费观看 | 2022久久免费精品国产72精品 | 碰碰碰免费公开在线视频 | 91在线视频免费播放 | 久久中文字幕视频 | 国产一区二区三区在线免费观看 | 久久久久久综合对白国产 | 国产综合久久久久影院 | 国产视频每日更新 | 国产a级特黄的片子视频 | 国产黄网在线观看 | 特级一级毛片免费看 | 国产精品v欧美精品∨日韩 国产精品www | 久久精品国产99国产精品免费看 | 毛片大全免费观看 | 性欧美高清理论片 | 欧洲无线区一二区 | 国产精品免费一区二区三区 | 国产高清精品入口麻豆 | 人交性视频大全 | 色网站综合 |