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

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: 韩国在线看免费观看高清 | 色久综合在线 | 国产精品亚洲欧美日韩一区在线 | 目韩一区二区三区系列片丶 | 国产精品久久久久影视青草 | 成年视频xxxxx在线入口 | 黄色片免费网站 | 欧美在线一级精品 | 成人男女啪啪免费观看网站 | 精品国产一区二区三区四区色 | 九九热国产精品视频 | 49pao强力在线高清基地 | 亚洲精品久久久久久婷婷 | 99pao在线视频成精品 | 不卡国产视频 | www国产永久免费视频看看 | 免费一级欧美大片视频在线 | 五月六月伊人狠狠丁香网 | 成人午夜精品网站在线观看 | 国产原创在线视频 | 国产日韩在线视频 | 欧美精品一区二区三区在线播放 | 可以免费看黄的网址 | 日本黄色性生活片 | 免费看一级黄色大片 | 99热官网 | 美女吹潮| 中文字幕日本亚洲欧美不卡 | 欧美精品久久久亚洲 | 一级片在线观看视频 | 久久午夜青青草原影院 | 精品亚洲一区二区三区在线播放 | 一级黄色在线播放 | 国产在线播放一区二区 | 亚洲日本中文字幕在线2022 | 欧美黄一片 | 日本a黄 | 永久免费mv网站入口 | 丁香综合激情 | 手机看片精品高清国产日韩 | 中国黄色三级 |