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Stocks regulator denies IPO resumption rumors (2)

(China Daily)

11:04, June 22, 2013

IPOs have playing a significant role in the market-oriented reform of China's capital market. The main aim of the reforms has been to cut what many consider as the unreasonably high debut prices, according to the CSRC.

"More reforms will be launched this year," the spokesman added.

The securities watchdog is also expected to release details of an expansion of its new over-the-counter equity exchange system as part of the State Council's goal of accelerating the creation of a multi-level capital market.

It has already been announced that the National Equities Exchange and Quotations - the so-called third board, an equity exchange system for small and medium-sized enterprises - is to expand its pilot sites this year.

The mainland stock market has already been affected by the rumors of an imminent IPO re-start, which some said would leave an already fragile market oversupplied.

The benchmark Shanghai Composite Index has dropped more than 4 percent this week, and ended at 2,073.09 points on Friday, a 27-week low.

The SCI has now declined for three consecutive weeks after hitting 2,300 points at the end of May.

Other downbeat news this week added further pressure to the markets.

HSBC downgraded its prediction on GDP growth to 7.4 percent from 8.2 percent on Thursday, concerned by weakened manufacturing production and a lack of any financial stimulus.

The bank reported a nine-month low for its Purchasing Managers Index, to a reading of 48.3 in June, down from 49.2 in May.

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