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CSRC breaks down China's IPO system reform

By Li Zhenyu (People's Daily Online)

16:02, June 06, 2012

BEIJING, June 6 (People's Daily Online) -- The China Securities Regulatory Commission (CSRC), China's top securities regulator, recently made an interpretation of the on-going IPO system reform in a statement on its website.

On April 28, the CSRC issued the "Guidance on Further Deepening the Reform of IPO System", focusing on improving information disclosure and market discipline.

"The core purpose is to promote the prices of IPO stocks to truly reflect the value of enterprises and achieve harmonious and healthy development of primary and secondary markets," the CSRC said in the statement.

The securities regulator has made specific arrangements in the Guidance to protect the rights and interests of small and medium investors.

Those arrangements are as follows, according to the statement:

First, it further promotes the construction of issuance system and strengthens the authenticity, accuracy, adequacy and completeness of information disclosure to enhance the quality of information disclosure.

Second, it defines the responsibilities of the issuers, intermediaries and inquiry objects and increases penalties for illegal activities to directly protect the legitimate rights and interests of investors, especially the public investors.

Third, according to the structural characteristics of domestic market investors, it increases the proportion of offline placement, defines the allocating from offline to online and reflects the importance placed on small and medium investors' participating in the IPO stocks. At the same time, it standardizes the market and protects the legitimate rights and interests of investors.

Fourth, it introduces an independent third party to make a risk analysis on the information disclosure of listed companies, aiming at providing a reference for the small and medium investors in the IPO stocks subscription and helping them better judge the risk of the issuers.

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